Federal Reserve Bulletin, 1926-04

BULLETIN APRIL, 1926 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Recent Banking Developments Business Conditions in the United States- Gold Reserves of Principal Countries WASHINGTON GOVERNMENT PRINTING - OFFICE 1020 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL SESEMYE BOARD Ex officio members: * D R. CKISSINGBE, Governor. 8 EDMUND PLATT, Vice Governor. A* W« MELLONJ -ADOLPH C. MILLEK - Secretary of the Treasury•, Chairman. 8 CHARLES S. HAMLIN O J W MCINTOBHJ GEORGE R. JAMES, e e Comptroller of the Currency\ EDWARD H. CUNNINGHAM* WALTER L, EDDY ? Secretary. WALTER WYATT, General Counsel J. C NOELLJ Assistant Secretary. s Director, Division of Research and E. M MCCLELLAND, Assistant Secretary. e Statistics* W. M. IMLAY, Fiscal Agent J. F. HERSON, Eo Ao GOLDENWEISER, Director, Division of CTie/, Division of Examination^ and Chief Federal Research and Statistics. Reserve Examiner. E. L SMEAD, Cfa'e/, Division of Bank Operations. o FEDERAL ADVISORY COUNCIL District No. 1 (BOSTON). ««_—.„„-„.-.„_.„„...„.„„....„. CHAS, A MORSB! Vice President. D District No. 2 (NEW^YORK) _» « » «».»»_»_»____ .!_ .» ,^_ JAMES S« ALEXANDER, D D =ra = m = District No. 3 (PHiLADELPHiA) «.»»__»> _»__.»^_ »_» »»._ _. L. L. RUE. mra ra = mra ra District No. 4 (CLEVELAND)„„=.„„„._„__.____.,„_ ___„„_„_„.,_ GEORGE A. COTJLTON. District No. 5 (RICHMOND)„„„__ _„ _„„_„.„ - JOHN F BRUTON. S District No. 6 (ATLANTA)»_»»» ».. ».»_»»._»» »-»_«»._ P. D.HOUSTON. DD aramDra oa District NO. 7 (CHICAGO).. -.---.__-__-.____..______..__--_- 'FRANK O. WETMORE President. ? District No. 8 (ST. LOUIS)--------_------__---____--------_- BRECKINRIDGE JONES. District No- 9 (MINNEAPOLIS)--.--------------- —__---___.-_ THEODORE WOLD. District,No. 10 (KANSAS CITY)^^^,^^^^^^^^^^^-.^ ------ P. W. GOEBEL. District No. 11 (DALLAS) •_- ,=„„„„„„„=-_„_„__„„„-__-_ B. A. MCKINNEY. District No. 12 (SAN FRANCISCO)- — - —— — _ — _ — - ------- HENRY S. MCKEE. II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS, OF FEDERAL RESERYE BANKS Federal Reserve Bank of— Chairman Governor Deputy governor Cashier Boston Frederic H. Curtiss__... W. P. G. Harding—..-. W. W. Paddock— W. Willett. New York. Pierre Jay——_ ---- JBenj. Strong.. _.___._. J L . . H F . . C S a a s il e e — r.. . . . . . . . . . . . . . . . A L. . H W . . H G e i n l d b r a i r c t k .i s.* G. L. Harrison._„.. J. W. Jones.* E. R. Kenzel—.—• Ray M. Gidney. L. R. Rounds.* Philadelphia..—-..- R. L. Austin———. Geo. W. Norris.. Wm. H. Hutt.. C. A. McHhenny. W. G. McCreedy.i Cleveland——.—— George DeCamp........ E. R. Fancher—. M. J. Fleming....... H. F. Strater. Frank J. Zurlindenj. Richmond.——_„— Wm. W. Hoxton........ George J. Seay... C. A. Peple.__„„„„„ Geo. H. Keesee. R. H. Broaddus—-^... John S. Walden,Jr.> Atlanta.—_._..... ____ Oscar Newton_».__--.— M. B. Wellborn.. J. L. Campbell...... M. W. Bell.. Creed Taylor—..... Chicago.-———— Wm. A. Heath——— J. B. McDougal.. C. R. McKay....... W. C. Bachman.i John H. Blair—...... K. C. Childs.^ ' J. H. Diilard.i D. A. Jones.* O. J. Netterstrom.^ St. Louis..... Wm. McC.'Martin- D. C. Biggs— O. M..At.tebery.-•___. J. W. White. Minneapolis.. John R. Mitchell— R. A. Young..... W. B. Geery-——. Gray Warren. B. V. Moore——. Frank'C.Diinlop.1 Harry Yaeger2.___„. Kansas City.. M. L. McCIure.. W. J. Bailey—— C. A. Worthington... J. W. Helm. Dallas......... C. C. Walsh — Lynn P. Talley——__— R. R. Gilbert——.. Fred Harris. R. B. Coleman. ., San Francisco.. Isaac B. Newton., J. U. Calkins——. Wm. A. Day——- W. N. Ambrose. Ira Clerk——.. L. C. Pontious—: * Controllers - Assistant deputy governor, MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE. "BANKS" Federal Eeserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: .Minneapolis: Buffalo braneh__.____•__...__ W. W. Schneckenburger. Helena branch... _____________ R. E.'Towle. Cleveland: Kansas City: Cincinnati branch.._-„_„__.. C. P. MeCombs. Omaha branch......_..—..... L. H. Earhart. Pittsburgh branch.„__„____ J. C. Nevin. Denver branch.._._„__„___„ J. E. Olson. .- Richmond: Oklahoma City branch....... 0. E. Daniel. Baltimore branch...._...—.. A. H. Dudley. Dallas: Atlanta: • El Paso branch....__.____„__. M.. Crump. New Orleans branch.,.......,- Marcus Walker. Houston branch .._._.._..__. D. P. Reordan. Jacksonville branch_..____._ Geo.'R. DeSaussure. San Francisco: Birmingham branch......... A. E. Walker. Los Angeles branch........... R. B. Motherwell. ' Nashville branch.___.__.____ J. B. Port," jr. Portland branch__.._._.i-_....- R. B. West. Chicago: Salt Lake City branch......... W. L. Partner. Detroit branch.............. W. R. Cation. Seattle branch...____.__.._.;.. C.R.Shaw. St. Louis: Spokane branch.... D. L. Davis. . , Louisville branch............ W. P. Kincheloe Memphis branch._.._.__..__ W. H. Glasgow. Little Rock branch_____.__.. A. F Bailey. o SUBSCRIPTION PRICE OF BULLETIN THE FEDERAL RESERVE BULLETIN is .the board's medium of communication with .member,, banks, of the Federal reserve system.and is the only official organ or periodical publication of the board. It contains, in addition to the regular official announcements^ the national review of business conditions, • detailed analyses of' business, conditions, research studies, reviews of foreign banking, and complete statistics showing the. condition of Federal reserve banks. and member banks, The BULLETIN will be sent to all member banks without charge. To.. others the subscription price, which covers the cost of. paper and printing, is $2. - Single copies, will be sold at.20 cents Outside of the United States,- Canada., : Mexico, and the insular possessions, $2,60; single copies, 25 cents. • ,: . e in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS The month: ~ ~~~ Page Review of the month—Recent banking developments__ __ .... . ._ 221 Treasury finance _-----_._ — __... ... „____-_ .. .......... ... 224 Business conditions in the United States.. ... . _. ----------- _ —— 226 Special articles: Bank suspensions in 1924 and 1925 . „__„ .... 247 Annual report of the National Bank of Belgium _._ .... _„__„__„ 260 Annual report of the Swiss National Bank____ .... 265 Gold reserves of principal countries, 1913-1925 „___„ ._ 270 Official: Rulings of the Federal Reserve Board— Eligibility for discount of factors' notes covering advances to producers of eggs, poultry, and butter. _--. — ..-____.___.._._____._ ------------- — — — — — - — — .- — - 251 Eligibility for rediscount at a Federal reserve bank of notes made or indorsed by a Federal intermediate credit bank when offered by a member bank_._---. .__—__ . 252 Law department-— Opinion of Attorney General re eligibility of trustee, officer, or employee of a mutual savings bank to serve as class B or class C director of a Federal reserve bank.._......_.___, 253 Changes in State bank membership-. ' - -- — --—-__- — — — . . .... 254 Changes in national bank membership ------------ •—-- — — — -- — — —.— — - — - 254 Fiduciary powers granted to national banks.-- — — — _.. — — _ — — — — — — — — - 254 Business statistics for the United States: Industrial activity — — — — — — — — — — — — — — — - — — -- — — — — — — — — - 255 Commodity movements.-._„_„-„_ — — — — — — -.-_- ---.„-.»_--„_„-- = _-.- —— — - 257 Wholesale and retail trade.-....._,. _-_-.„--_-— —————— —————— .- —- 258 Foreign banking and business conditions: Financial statistics for England, France, Germany, and Canada._ ————————— „ - 272 Foreign trade of principal countries.---- - — ————————— ._ — — — — - 275 Price movements in principal countries—- Wholesale prices in principal countries----- — . — _ — — _ _ —— — — — — — —— — __ — - 276 ; Retail prices and cost of living in principal countries_-_.--.„..„_„ __._ „ — — — — -• 278 Banking and financial statistics: Federal reserve banks- Condition of Federal reserve banks . —— — .-_-._._.__ 279 Federal reserve note account . . ___. _„„-_ ,„__ . -_._-_----_-__._.-- 283 Holdings of earning assets ._.. __--__.^ -„-__„ -___-_______--..-_-•_-_-..-- 284 Discount and open-market operations of Federal reserve banks-__._____•__._________._ 285 Gold settlement fund-____•- ____--_-__---_ _--,_---_--.---_-------------_-— 301 Discount rates of Federal reserve banks—------------.-------- — -,_.- -------------- 301 Member banks-— Reporting member banks— ' Condition of reporting member banks in leading cities..„___-__„-_-„„„----_„„_„. 286 Bankers' balances at reporting member banks in Federal reserve bank cities----------- 287 Loans to brokers and dealers secured by stocks and bonds made by 61 weekly reporting member banks in New York City._._--- .-. --«-_- — --------- 287 All member banks— .Deposits-.--....--.--.-..---.-^---.-..-.--.-.. — — — — — —— .——- — — 288 Changes in membership during 1925— 292 All stock banks in the United States—Condition on "December 31, 1925 - ------- 289 Bank debits.. — . — — ..„-..-. — — — - — - — . — -— 295 Member banks and nonmember banks on par list and not on par list ---- .---•_-_-_------- 298 Money in circulation ______-----------_-._--_-------_--— -_- — -- — — ---• 298 Money rates in principal cities^ „--„- --- — _.-.—-.------ — ------ 296 Gold and silver imports and exports ___-_ _ _ _-----___.-.----_- _ - - 299 Foreign exchange rates.. -.-- ------__-----__ -----^----. 300 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 12 APRIL, 1926 No. 4 REVIEW OF THE MONTH security market consequent upon the drop in security prices. That it was the reduced volume During the past month the principal changes of loans to finance the trading in securities that in the banking situation were a rapid liquidawas the principal factor in the recent decline tion of member bank collateral in the volume of this class of loans is indicated Changes in loans, particularly of loans to by the fact that total loans of reporting banks banking situa- i i J J i to brokers and dealers made by reporting . brokers and dealers m securiton member banks in New York City declined from ties, a considerable growth in $3,139,000,000 on February 17, a figure close the commercial demand for credit, and a reto the peak for the current year, to duction in demand deposits. These develop- $2,573,000,000 on March 31, a drop during the ments were centered in large part in New six-week period of $566,000,000, or about 18 York City, where a reduction in the volume per cent. This rapid decline in the credit reof security loans and a decline in deposits quirements of the security market was accomaccompanied the recent drop in security panied by a growth in the demand for loans to prices. During the month Treasury operations finance the current operations of industry and in connection with the issue and retirement of trade, which continued to be active during the United States obligations and the collection of first three months of the year. This demand income-tax payments were an important factor was reflected in a considerable increase after in the immediate credit situation. Notwith- the end of January in the volume of commercial standing the large reduction in loans, con- loans at member banks in leading cities; these ditions in the money market have remained loans rose by the end of the first quarter to a firm, with the commercial paper rate at between level near that reached last autumn when com- 4]4 and 4J^ per cent and the rate on call loans mercial loans were in larger volume than at fluctuating around 5 per cent. At the reserve any time in the past four years. banks discounts for member banks at the end Changes in the volume of bank loans, both of March were larger than at any time since the in loans on securities and in commercial lo ans f turn of the year and the largest for this season since the opening of the year since 1924, while the total volume of reserve Loans of banks have occurred to a large extent w City T J°f bank credit outstanding was at about the same City and level as a year ago. is brought out ID the following Between the end of December, 1925, and the table, changes at reporting banks outside New end of March of the present year the volume York being relatively small: of loans secured by stocks and MEMBER BANKS IN LEADING CITIES . ^ at member banks in [In millions of dollars] leading cities declined by about New York City Outside $450,000,000, a reduction amounting to more than 40 per cent of the increase in this class De 1 c 9 . 2 3 5 0,M 1 a 9 r 2 . 6 24, Change De 1 c 9 . 2 3 5 0, M 1 a 9 r 2 . 2 6 4,Change of loans during the preceding year. This Loans on securities.. 2,485 2,091 -394 3,445 3,397 -48 liquidation, which during the early weeks of the All other loans 2,243 2,368 +125 6,063 6,092 +20 Investments. 1, 696 1,724 +28 3,766 3,851 +85 year was partly seasonal in character, con- Total loans and investtinued in the later weeks largely as the result ments _•_ 6,424 6,183 -241 13,274 13,340 +66 of the decrease in the credit requirements of the 221 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

222 FEDERAL RESEBVE BULLETIN APEIL, 1926 Security loans by banks, in New York City ever, when the entire volume of loans on the declined by $394,000,000 between the close of market began to decline rapidly, the withdrawal last year and the end of March, while at of out-of-town funds has been more rapid than banks in other cities the decline in these loans the reduction In the street-loan account of the during the period was only $48,000,000* Com- local banks. mercial loans, on the other hand, which at the In order to give a somewhat longer view of New York City banks increased by $125,000,- member bank credit developments, with special 000, advanced by less than- $30,000,000 at the reference to differences In the movements of outside banks. Investment holdings of New bank loans In New York City and outside, York City banks showed an Increase of a chart is presented showing the movement of $28,000,000 for the three months, while outside loans on securities for the two groups of banks banks increased their investments In securities since the opening of. 1924, when the recent by $85,000,000. The movement of loans to rapid growth of bank credit began. brokers and dealers placed through New York MILLIONS OF DOLLARS MILLIONS OF DOLLARS City banks also shows that It is In the volume 40001 14000 of operations of these banks on their own account that the principal changes have occurred since the beginning of the year. Outside N.Y.City This Is brought out In the table below: 3000 3000 LOANS TO BROKERS AND DEALERS MADE BY RE- PORTING MEMBER BANKS IN NEW'YORK CITY New York City [In millions of dollars] 2000 2000 For For their account For Date Total own of out- account account of-town of others banks 1926 1000 1000 Jan. 5 ._ 3,141 1,338 1,239 564 Feb. 17 3,139 1,159 1,354 620 Mnr 10 2,885 1,021 1,266 598 Mar.31....... — - 2,573 1,048 1,006 519 SECURITY LOANS Loans to brokers and dealers by the New York City banks for their own account de- 1924- 1925 1926 clined-continuously until early in March and The chart shows that in 1924, when security were on March 10 more than $300,000,000 loans Increased by about $600,000,000, twosmaller than on the first report date. After thirds of the growth was at member banks that time these loans Increased somewhat. In New York City; during that year the- Loans for account-of. correspondents, on the growth of commercial loans was considerably other hand, Increased by more than $100,000,- larger at banks outside the financial center. 000 during the first six weeks and then declined In 1925, on the other hand, the growth In by about $350,000,000. during the- last six security loans until the closing months of the weeks. It appears, therefore, that during the year was almost entirely In banks outside of earlier weeks .of the year out-of-town funds New York City, and of the increase of about flowed into the New York market and were $1,000,000,000 in this class of loans for the used to' replace funds withdrawn from the year over one-half was at banks located outmarket by the New York banks for their own side of New York. The volume of commer- • account. Since the middle of February, how- cial loans In 1925 changed relatively little, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APBIL, 1926- FEDERAL EEBEEVE BULLETIN 223 and the increase for the year was entirely In about one-half of the outstanding volume of outside banks, as the. commercial loan account reserve bank credit. of the New York City banks showed a decrease In the more recent temporary fluctuations in for the year. Since the opening of 1926, as has the volume of reserve bank credit,, an Important already been stated? changes In the member Influence has been the fiscal banks' loans both on securities, and for com- Influence of tions of the Treasury, 3 opera mercial .purposes? have taken place largely at Treasury opera- -, -L j • J ± -i lions described m more detail in a the banks in New York City. separate statement in this issue At the reserve banks recent changes have of the BULLETIN.. On March 15 the Treasury also been, largely confined to the New York was called upon to pay out over $700,000,000 district* During January for the redemption of maturing security issues Movements of ber .banks outside New reserve ba.nk mem and for interest on the public debt, and during York used currency? which was credit the following week it purchased over $100,000,released from circulation fol- 000 of third Liberty bonds for account of the lowing the holiday-demand, to. reduce their sinking fund. At the same time the Treasury borrowings at the reserve banks from about was to receive more than $400,000,000 In in- $530,000,000 to $400,000,000. During Februcome- taxes and about $500,000,000 as the ary New York lost funds to other sections of proceeds of a new refunding issue of United the country in about the same volume as the States bonds. As receipts from these sources increased demand for currency outside of New were not available to the Treasury In time to York; and discounts of member banks outside cover the full amount of disbursements,'the New York remained close to the $400,000,000 Treasury on March 15 issued to the Federal reached at the end of January/ Thus the Reserve Bank of New York a special certificate entire Increase In currency demand, which of indebtedness for $190,000,000 • and one amounted to $75,000,000 during February, to the Federal Keserve Bank of Chicago for was felt In New York, where member banks $19,000,000. . These certificates were redeemed met the demand partly by the use of gold reas funds from income tax payments were realceived, chiefly from Canada, and partly by ized and the last portion was taken up by the Increased borrowings at the reserve banks. Treasury on.March 19. In New York, owing Keserve bank holdings of United States seto the large volume of holdings of the maturing curities were fairly constant during January Issues of" securities, Treasury outlays exceeded and February but fluctuated somewhat during receipts by about $130,000,000, and this March,.-as $66,000,000 of the holdings consisted created a temporary accumulation of funds in of Treasury notes which matured on March the money market. To offset this In part the 15 and were replaced through purchases of New York Federal Reserve Bank on March 13 other issues in the open marked Holdings of and 15 sold United States securities under acceptances have declined during the quarter repurchase agreement to banks in that city. as bills drawn to finance agricultural exports This brought the reserves of the banks below In the autumn matured and were repaid. The requirements for the first two days . of tEe total volume of reserve bank credit in use reserve week and caused them to. use the funds has fluctuated between $1,100,000,000 and received, from the Treasury in redemption of $1,200,000,000 during February and March and r maturing obligations as a means to bring in the latter month was at about the same average reserves for the week to the required level as in March of last year. In March, 1925, level. In the Interior Treasury receipts exhowever, only about 35 per cent of this total ceeded disbursements, and to make these consisted of discounts for member .banks,, ? payments to the Government, interior banks while at the present time discounts constitute drew heavily on their funds in New York* By Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

224 FEDERAL RESERVE BULLETIN 1926 March 19 these withdrawals had removed the Of the third Liberty loan bonds payable temporary surplus in New York, and by March September 15, 1928, the amount outstanding had been reduced by retirements aggregating 20 the New York Reserve Bank repurchased on all accounts $1,453,955,950—from $4,175,the United States securities sold earlier in the 650,050, the amount of the original issue in week. Security transactions of this character May, 1918, to $2,721,694,100, the amount outare a part of the technique developed by the standing on February 28. On March 1 the Federal reserve system for the purpose of reduc- Secretary of the Treasury announced that, foling to a minimum the temporary disturbing lowing the plan adopted in November of last influence of large-scale Treasury operations on year, further purchases of these bonds would be made from holders through the Federal conditions in the money market. reserve banks for account of the cumulative sinking fund. This procedure, it was noted, NOTES would save commission charges to the Govern- Governors' conference. ment and to sellers. Under the terms of the On March 22 and 23 the governors of the announcement purchases in the amount of Federal reserve banks held their customary $100,000,000 or thereabouts were to be made spring meeting in Washington,, Conferences at the lowest prices offered, the privilege of were held among the governors and with the tendering bonds for sale to expire March 10. Federal Reserve Board, Over $148,000,000 face amount of bonds were tendered, and all proposals not exceeding Annual report 101^1"—in aggregate amount about $121,750,- The text of the annual report of the Federal 000—were accepted, at an average cost to the Reserve Board covering operations for 1925 was Government slightly under 101-& and accrued presented to Congress on April 10 and released interest. In response to a similar proposal for publication on April 12. made in November of last year to purchase some $50,000,000 of this issue at the lowest prices offered not exceeding 101}4> bonds were TREASURY FINANCE tendered to the amount approximately of March financing and sinking-fund operations $176,000,000, and all proposals at prices not effected a reduction of some $242,000,000 in exceeding 101J^ were accepted, the average the interest-bearing debt of the United States. cost to the Government being approximately These operations included direct purchases of third Liberty loan bonds for account of the 101*. cumulative sinking fund, redemption of Treas- The Treasury notes maturing March 15 ury notes coming payable March .15, and an were a refunding issue of March 15, 1922. issue of long-term bonds. Amounts involved in They had been issued at par in exchange for these several transactions were approximately Victory Liberty loan notes payable May 20, as follows: 1923, under the Treasury7s program of gradually refunding the Victory notes in succes- Proposals accepted for sale of third Liberty loan 4}^ per cent bonds to the sive note issues which would distribute maturi- United.States, about._----„__„._„_- $121, 750, 000 ties through the period from the date of Redemption of &% per cent Treasury maturity of the Victory notes to September 15, notes coming payable Mar. 15____„.,_ 615, 677, 900 1928, when the third Liberty loan bonds come Total retirements on these ac- payable. Practically the entire issue of fourcounts, about„...... . . _ . 737, 427, 900 year notes maturing March 15—$615,677,900 Allotments of 3% per cent Treasury bonds of 1946-56. .,—.......... 494,898,100 of $617,769,700 originally issued—were outstanding on March 1, when the Secretary of Excess of retirements, about 242, 529, 800 the Treasury authorized Federal reserve banks By reduction in the interest rate and in the to begin redemption in cash at the holder's amount of the debt outstanding an annual option before March 15, with interest accrued saving of more than $15,000,000 is effected in to date'of such optional redemption. aggregate interest charges. Also a substantial Subscriptions for the offering of some $500,amount of floating indebtedness has been 000,000 of 3M per cent bonds dated March 15, eliminated, and some reduction effected in the 1926, payable in 30 years and redeemable at short-dated bonded indebtedness of the Gov- the option of the Secretary of the Treasury ernment. The securities retired were running in 20 years, were invited on March 8 at 100J^. at 4M and 4% per cent, the rate on the new Treasury notes maturing March 15 were issue being 3% per cent. accepted in part payment but were not given Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APEIL, 192@ FEDERAL RESERVE BULLETIN 225 preferred allotment. Reports from the re- amount outstanding are shown in the table serve banks showed total subscriptions for following: these bonds to the close of business on March 11 in the aggregate amount of some $647,000,- COMPOSITION OF THE PUBLIC DEBT ON FEBRXTABY 28, 1926, AND NET CHANGES DURING THE FISCAL 000, of which $494,898,100 were allotted. All ' YEAR1 subscriptions in amounts not exceeding $50,000 were allotted in full, and subscriptions in larger amounts upon a graduated scale. Subscrip- A d m eb o t u o n u t t o - f In o c r r d e e a c s r e e a ( s + e ) tions and allotments for each Federal reserve Account standing (—) since Feb. 28, 1926 June 30,1925 district are shown in the table following: Total gross debt................. $20,276,143,040 -$240,050,848 TREASURY BONDS OF 1946-1956, DATED MARCH 15, Bearing no interest—>._——_——- 245,585,962 -29,442,031 1926—SUBSCRIPTIONS AND ALLOTMENTS, BY Matured on which interest had ceased-- 11,680,620 -18,578,360 FEDERAL RESERVE DISTRICTS Interest bearing... _ _._._...;_ 20,018,876,458 -192,030,456 Bonds, total... ^._.._^.». .„__ 16,671 S 269,970 -171,019,790 Pre-war bonds . „ 765,860,170 +544,160 Federal reserve district Subscriptions Allotments Liberty bonds, total—. „. 14,094,373,000 -171,563,950 First Liberty loan of 1932-1947— 1,943,666,300 —7,853,350 Second Liberty loan of 1927-1942. 3,104,535,850 -22,900 Boston._ „. $80,855,700 $69,110,700 Third Liberty loan of 1928 ___„— 2,721,694,100 -163,683,250 New York 171,108,600 98,601,600 Fourth Liberty loan]of 1933-1938. 6,324,476,750 -4,450 Philadelphia.. 77,456,300 67,061,300 Treasury bonds, total........ 1,811,036,800 Cleveland...,.,. 67,819,800 51,090,000 4 % per cent bonds of 1947-1952.. 763,948,300 Richmond.-.. 28,303,200 20,740,400 4 per cent bonds of 1944-1954 1,047,088,500 Atlanta .. 28,835,100 26,945,100 Treasury notes.-—_-.- 2,158,081,500 -246,159,900 Chicago 54,373,200 48,655,200 Treasury certificates._-... . 822,502,000 +243,817,000 St. Louis—... 22,017,100 19,348,100 War savings securities..._.„'...__._ 367,022,988 -18,667,766 Minneapolis.. 16,438,900 13,894,700 Kansas. City.. 22/402/100 18,087,100 Net balance in general fund.... 340,831,406 +122,995,674 Dallas. „. 17,620,400 12,920,400 Gross debt less net balance...... 19,935,311,634 -363,046,522 San Francisco. 60,013,500 48,443,500 Total... 647,243,900 494,898,100 i On the basis of daily Treasury statements. In March, 1925, the Treasury issued 4 per Net reductions of some $192,000,000 in the cent bonds of 1944-1954 at 10034 following period from June 30, 1925, to the end of Feb- an offering of similar bonds in the preceding ruary, 1926, brought the amount of interest- December at par. These issues, for an aggrebearing debt outstanding in round numbers to gate amount of $1,047,000,000, together with $20,000,000,000. The composition of the debt the present offering/ are the only issues of on February 28 and the net changes during long-term bonds since the issue in October, the present fiscal year to that date in the 1922, of 4M per cent bonds of 1947-1952 at par. 88806—26f—2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

220 FEDERAL RESERVE BULLETIN 1926 BUSINESS CONDITIONS IN THE UNITED STATES Production and trade continued in February at the high. level of the preceding month-, while the general average of prices declined and was lower in February than at.any time since the latter part of 1924. Production.—-The Federal Reserve Board's index of production in basic industries,- which is adjusted for seasonal variations, indicated a continuation of productive activity during February in about the same volume as in the preceding two months. Mill consumption of cotton and the output of flour, anthracite coal copper, and newsprint showed increases in Feb- ? ruary, when allowance is made for usual seasonal changes, and the output of iron and steel and lumber remained practically unchanged* Activity in the woolen industry and the production of cement declined. Automobile production was in considerably greater volume in February and was larger than a year ago, although smaller than in the corresponding month of 1924. Employment and earnings of factory workers increased, after the seasonal recession of January, and were in February at practically the same levels as during the latter part of 1925, The volume of building contracts awarded declined both in January and in February, but remained larger than in the corresponding months of last year* Reports by farmers to the Department of Agriculture of intentions to plant in 1926 indicate that the acreage of spring wheat and tobacco will be slightly smaller, the acreage of corn will be about the same, and that of oats, barley, hay, and potatoes larger than that in. 1925. Trade*—Wholesale trade in February was in about the same volume as a year ago. A smaller volume of sales was reported for groceries, dry goods, and hardware, while sales of meats, shoes, and drugs were larger. Inventories of wholesale firms dealing in groceries, dry goods, shoes, and hardware were smaller at the end of February than a year ago. Trade at department stores and at mail-order houses was larger than in February of last year, and department-store stocks were about 5 per cent greater than on the corresponding date of 1925* . Freight-car loadings continued at about the same daily rate in February as in the preceding two months. Shipments of merchandise in less-than-carload lots and of miscellaneous commodities were particularly large* Prices,—-The general level of wholesale prices, as measured by the Bureau of Labor Statistics index, after remaining unchanged for two months, declined in February to a point slightly below the low figure of 1925., reported for last May. The greater part of the decline since last autumn.has been in prices of agricultural commodities. In February prices of allmajor groups of commodities, except fuels, declined, and particularly large reductions occurred in the prices of grains, cotton, wool, silk, and rubber* Price advances in February were shown for petroleum, • coke, and paper. During the first three weeks of March prices of grains, cotton, wool, and silk continued to decline, and recessions were also reported in the prices of .sugar and hardwood lumber. PERCENT 150 200 [200 150 150 100 !00 too SO 50 PRODUCTION IM BASIC INDUSTRIES WHOLESALE PRICES 1922 1923 1924 1926 1922 1923 1924- 1925 1926 Index of 22 basic commodities adjusted for seasonal variations. Index of United States Bureau of Labor Statistics. (1913=100, base (1919=100.) Latest figure, February, 120 adopted by bureau.) Latest figure, February,, 155 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APHID* 1926 FEDERAL BESERVE BULLETIN" 227 BILLIONS OF DOLLARS BILLIONS OF DOLLARS to 10 FACTORY EMPLOYMENT - 2 AND-PAY ROLLS 1922 1923 1924- 1925 1926 1922 1923 192V 1925 1926 Federal Reserve Board's indexes of factory employment and pay rolls. Monthly averages of weekly figures lor banks in 101 leading cities. (1919= 100.) Latest figures, February, employment, 97 pay rolls 112; Latest figures are averages for first 3 weekly report dates in March Bank credit.—At member banks in leading cities demand for loans, chiefly for commercial purposes, showed an increase, partly seasonal in character, between the middle of February and the middle of March, and on March' 17 the total volume of these loans was close to the high point reached last autumn. A further decline of loans, on securities, which accompanied the sharp recession in security prices in March, carried the total to a point nearly $430,000,000 below that reached • at the end oi the year. . • - Following a growth during February in the volume of reserve bank credit outstanding, there was a sharp decline, early in March to about the same level as a year ago. Factors contributing to the decline have been continued imports of gold and some reduction in member bank reserve requirements, as well as the temporary abundance of funds resulting from the excess of Treasury disbursements over receipts around March 15. Open-market rates on prime commercial paper, after a slight decline in February, advanced in March to 4 3^-4 % per cent, the level which had prevailed since last October, BUSINESS INDEXES OF THE FEDERAL RESEBVE BQAUB [Monthly average 1919-100] Year and month P ti r b o o a n d s i u c in c- e F m ac p t l o o r y y - Factory c B o u n i t l r d a i c n t g s Rai c l a r r oad- W s h a o le l e- • Depar s t a m le e s n t * -store ' Depa s r t t o m ck e s n t i -store o d B u e t a b s n i i k d ts e i t n ri d e u s s i - ment pay rolls awarded » loadings* trade j U u n st a e d d - Adjusted j U u n st a e d d - Adjusted o C Y f i N o ty r e k w * - ' • 1925 January 127 94 103 164 123 79 108 124 119 134 119 February „—.._.—_-._.__.- 124 96 109 166 . 125 76 101 131 127 135 118 March 120 96 110 172 117 83 121 121 139 137 118 April . ..._______.___.________ 119 ' 96 107 169 129 79 136 133 141 136 120 May 111 95 107 151 123 79 128 124 136 137 US Fune .. - _.-_ ...» 110 94 105 173 117 83 126 126 129 135 122 Fuly 113 93 102 188 122 83 95 128 125 133 124 109 94 105 225 123 87 98 125 131 131 120 September 111 95 104 235 121 94 121 134 143 133 123 October . . — „ _.„„ —_ 116 97 111 210 121 101 165 145 149 134 128 November 115 97 112 229 121 86 145 129 154 137 122 December 121 97 112 276 130 80 226 141 129 139 124 1926 January... =. ... _ .... 120 96 107 243 118 78 114 130 125 141 126 February..................... 120 97 112 208 127 76 104 136 132 140 128 * The indexes of production in basic industries, building contracts, car loadings,'and bank debits are adjusted to allow for seasonal variations; tbe indexes of 4epartment4tores sales and stocki are .shown both with and without seasonal adjiutments. ' Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

228 FEDERAL RESERVE BULLETIN APRIL, 1926 MONEY RATES ACCEPTANCES Commercial paper rates in March were again The acceptance market was generally quiet at the levels prevailing before their temporary during the four weeks ending March 17, aldecline in February. Prime names were quot- though a somewhat larger volume of transaced at 4 3^-4 % per cent, but toward the end tions was reported by dealers in New York, of March an increased volume of sales occurred Boston, and Chicago than during the preceding at 4)^ per cent. The amount of borrowing four weeks. The supply of bills offered in the through the commercial paper market has market remained small except for a temporary been much less than at the same season last increase at the end of February. An improveyear, and the demand has been relatively in- ment in demand accompanying easier money active, coming in March chiefly from New Eng- conditions around the middle of March reland and Pennsylvania country banks. Rates sulted in a reduction of dealers' portfolios from on bankers' acceptances were the same in the unusually high volumes reported on Feb- March as in February. Yields on both long ruary 18. Federal reserve bank purchases were and short term Government securities declined moderate, and those made from dealers were slightly. The new issue of 20-30 year Treas- generally for foreign account. Bill rates in ury bonds dated March 15 bore a rate of 3% New York remained unchanged throughout the per cent and was oversubscribed at a selling period. These rates are given in the following price of 100J^. The renewal rate on stock table: exchange call loans, after fluctuating between A% and 53^ per cent the last three weeks in ACCEPTANCE RATES WITH NEW YORK MARKET, February, declined early in March and re- MARCH 17, 1926 mained at 434 per cent for over two weeks, but later in the month advanced to 5 per cent. The table below shows money rates Maturity Bid Offered prevailing, in the New York market during the last three months: Per cent 30 days.. . 60 days... 90 days... MONEY RATES IN NEW YORK 120 days.. 150 days_. 180 days- Yield on Averm p P c m a c r o 4 o i p i e - m n a m 6 r e t l - - r h e , s a P b a c d n e a r c 9 a i r c n e m s 0 y e k p ' s s e - t , - T c c n U e u a r a 3 o r e n . r t - t t S y e a i d 6 e f s . s s i , - - L o b y i c n o a p b i e g e e n 4 e n e l r d M r d t t s y o n l n r o R e a w a e c t n e - a a s l l l r l A a o t a i t a v m e g n e e e s o r - n 3 iss T ue h d e in v o F lu e m br e C u A ar P o y I f T , A a n L c e c w o IS r d S i U d n o E g m S t e o s ti t c h e s c e o c m ur p i i t l i a e - s months tion of the Commercial and Financial Chronicle, was smaller than in January but larger than in March, 1925...... 2.78 4.02 3.97 4.19 January, 1926 1 3.49 4.04 4.33 4.79 any preceding February since the war, and February, 1926.. 1 3.18 4.01 4.85 4.68 surpassed the amount issued in every month in March, 1926 / \« 1 3 3 . . . 2 0 6 3 4.55 4.72 1925 except three. The total of $472,800,000 Average for week ending— included an unusually large amount of munic- Mar.6.-~-'-— 13.09 3.99 4.80 4.87 ipal securities, while the corporate issues were Mar. 13... i 2.98 3.97 4.25 4.80 Mar. 20 /1 2.97 4.25 4.65 less than in February, 1925. Over one-half of Mar.27——— \ 2 3 3 .2 . 5 27 3.98 4.70 4.59 the municipal issues, which totaled $144,- 800,000, is accounted for by a New York City 1 Issues maturing June 15,1926. offering of $75,000,000. Of the corporate tissues maturing Sept. 15,1926. 3 Weekly average of daily average rates on principal maturities. flotations, those of industrial corporations In the London money market rates hardened exceeded those of public utilities and railroads, in March and three-months' bank bills were but all three classes showed decreases as quoted at 4^ per cent the third [week of the compared with January. The following table month, as compared with 4J^ per cent the shows the domestic securities issued in Feblast week in February. Treasury bills were ruary, 1925, and in January and February, tendered at an average rate of 4.396 per cent. 1926: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1926 FEDERAL RESERVE BULLETIN 229 DOMESTIC CAPITAL ISSUES and cable, and theater stocks. The market was exceptionally active early in the month, and [In millions of dollars] the volume of sales during the week ending March 6 was the largest on record. Later February, January, February, the daily average of sales was moderate in 1926 1926 1925 volume. Bond prices declined early in March from the high levels of February, but recovered Re- Re- Re- New fund- New fund- New fund- part of the decline later in the month. The ing ing ing following table gives indexes of stock prices computed by the Standard Statistics Co. of Total 472.8 25.6 566.9 65,3 460.8 51.3 New York, the average price of 40 bonds com- Corp L o o r n a g te - term bon « d , s and 323.7 25.0 493.1 63.5 ,374.2 48.2 puted by Dow, Jones & Co., and the average notes 172.8 22.6 300,8 56.7 254.1 44.3 number of shares of stock sold daily on the Short-term bonds and notes 28.2 43.1 24.2 3.0 New York Stock Exchange for the last six Farm S - t l o p c a k n s i . s . s . ues _... 12 4 2 . . 3 7 2.4 14 5 9 . . 0 2 6.8 9 9 5 . . 4 9 months and for March a year ago. Municipal 144.8 77.2 3.1 ' INDEX NUMBERS OF SECURITY PRICES The volume of foreign securities issued-in the United (States in February, according to the Price indexes of 1— Average Aver- number compilation of the Federal Reserve Bank of. age of shares 201 in- 31 rail- Total, price of stock . New York y considerably exceeded those issued dustrial road 232 of 40 sold daily in January. The revised total for January was stocks stocks stocks bonds2 (000 omitted) § $83,157,900, of which $13,029,500 were for refunding purposes, and for February $108,- Average for— . 088,400, .of which $43,608,900 were refunding March, 1925 123.9 110.3 119.9 $91.35 l,65f issues. In addition, there were two offerings N O o ct v o e b m er b , e 1 r, 9 2 1 5 9 — 25 ... ....... 1 1 4 5 5 0 . . 8 4 1 12 1 0 6 . . 0 2 1 1 4 3 1 7 . . 6 2 9 9 2 2 . . 4 1 4 7 2 2 , , 3 3 0 9 2 7 ? " of bank, stock in February, the amount of December, 1925 151.6 125.4 144.0 92.76 1,88$ January, 1926. •—_ .. 153.7 125. 5 145.5 93.46 1,76© which could not be ascertained. The new February, 1926__——_. 154.9 123.5 145.7 94.31 1,80$ governmental issues, including those of prov- Aver M ag a e r c f h o , r 1 w 9 e 2 e 6 k _ ending- 144.0 119.4 136.7 93.94 1,79(11 inces and municipalities, were over twice • as Mar. 1__—i— 146.9 119.9 139.0 94.34 1,912 Mar. 8 _ 145.9 119.7 138.2 93.90 2,885 large as those of corporations and the refunding Mar. 15.. - 147.0 121.2 139.4 94.00 1,590 issues ten times as large. All of the new Mar. 22._. 144.4 119.7 137.1 94.15 1,755 Mar. 29_ 135.6 116.5 130.0 93.69 1,865 governmental and the bulk of the new corporate offerings were from Germany and Italy, but 1 For the industrial]stocks, the average of 1917-1921 prices .equalsJIOQ, Canadian and Newfoundland corporations for the rails the'-averagelof the high and low prices made in the 10 years? 1913-1922, equals 100. The indexes are weighted by the number of shares raised some new capital in this country, and of each stock outstanding. Prices used are closing quotations on Monday. the Dominion of Canada floated a refunding 2 Arithmetic>veiage of daily average closing prices, as published in loan of $40,000,000. the Wall Street-^Journal. Weekly averages are for week ending^with Saturday preceding date given. 3 Saturday omitted. Weekly averages are for five days ending'with Friday preceding date^given. SECURITY PRICES AGRICULTURAL CREDIT Further declines in the prices of common The consolidated statement of the 12 Fedstocks in March brought the average price eral intermediate credit banks for the month of of representative issues considerably below the February disclosed a continued decline in dilevel reached during the market reaction last rect loans and an increase in • rediscounts, re- November. After the abrupt fall of prices sulting in a net gain of $1,638,000. A net deearly in the month, a slight rally occurred, but crease of $1,339,000 was made in direct loans, this was followed by a further decline of declines taking place in all outstanding comindustrial shares to a new low point and a less modity advances with the exception of those pronounced reaction in railroad stocks. At based on cotton and rice and on raisins, in the end of March the index of the former was which there was no change. The greatest. 20 points below its record high level of early liquidation took place in tobacco loans, which. February and the index of the latter 10 points ware reduced $2,592,000 during the month,. below its high reached at the end of December. with an additional reduction of. $1,500,000' They were still 15 and 10 points, respectively, during the first three weeks of March. Wool above the lowest levels of 1925. Almost all loans, reflecting the influence of a slow market^ the major groups of stocks declined, with the had been liquidated less than 50 per cent on smallest change in the petroleum, telegraph January 2, 1926, but have since been rapidly Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

230 FEDERAL RESERVE BULLETIN" APRIL,- 1926 reduced and, with a continuation of the present of all legal-reserve life-insurance companies in rate of liquidation, should be cleaned up by the United States, as reported by the Associathe time advances are commenced on the new tion of Life Insurance Presidents, reached a clip in April or May. Advances on cotton total of $1,871,056,000 in 1925. The following continued to increase during the month, but table shows the outstanding volume of net reached their peak of $26,493,000 in the closing mortgage loans at the end of February held by week, and the reports for the first half of the 12 Federal land banks, 56 joint-stock land March reflect a downward trend. Kice loans banks, and 41 life-insurance companies owning maintained a slight increase during February, more than 82 per cent of the assets of all lifeas stocks continued to pass out of the hands of insurance companies: growers and into the control of their marketing NET FARM MORTGAGE LOANS OUTSTANDING organizations. Rediscounts, chiefly from agricultural credit [In thousands of dollars] corporations, increased approximately $3,000,- Feb. 28, Feb. 28, 000 during February, reflecting the seasonal 1926 1925 demand for crop production needs. Of this amount, slightly more than $2,000,000 was Total, all joint-stock land banks. 567,544 464, 874 Total, Federal land banks..»____. 1, 019, 486 944,995 placed by the Columbia (S. . C.) bank. De- 41 life-insurance companies....... 1, 533,000 1,460, 000 mand for accommodations during the first two weeks in March was even more active, as ad- AGRICULTURE ditional rediscounts of $3,000,000 were made Weather conditions continued favorable in during that period. Moderate increases were most sections of the country during the late also effected in accommodations to livestock weeks of February and the early weeks in loan companies. March for spring plantings, winter-sown crops, • Loans based on different commodities and and livestock. In certain areas.of the South, rediscounts for the different financial institu- however,'low temperatures delayed growth of tions for the latest available date in March early fruits and vegetables in the early weeks are shown in the following table: of March. Reports by farmers to the Department of Agriculture of their intentions to INTERMEDIATE CREDIT BANKS plant in 1926 indicate that the acreage of oats, [In thousands of dollars] barley, potatoes, both Irish and sweet, rice, Mar. 20, Feb. 20, Mar. 21, and hay will be larger than that grown in 1925 1926 1926 1925 and that of peanuts and tobacco will be smaller. Acreage of corn will be about the same as in 1925. Direct loans outstanding on- Cotton 26,479 25,614 4,858 Movement of the 1925 crops .to market Tobacco 15,588 17,062 22,808 showed the usual seasonal decline in February Wheat >___ ____ 1,910 2,370 1,453 C anned fruits and vegetables .___>_. 489 561 234 from January and the closing months of 1925 Raisins _-_.. «,„. 3,600 3,600 4,000 Prunes 1,216 when crops were marketed in large volume. W Pe o a o n l u t . s ... 1 8 5 4 7 4 1 3 2 1 2 340 As marketing in the early months of the year Rice 894 734 314 slowed down and -preparations* for spring All other ____„ 432 493 86 plantings began, loans necessary for marketing Total—_. „ 49,633 50,987 35,309 were reduced and those necessary to .finance =s Rediscounts outstanding for— production began to expand, according to Agricultural credit corporations....... 21,390 16,062 12,798 National banks..„_ „-__ _.. 34 34 14 reports of the intermediate credit banks of State banks 417 357 678 Livestock loan companies.™ _ 12,046 12,027 8,940 loans to cooperative marketing associations Savings banks and trust companies. 65 85 150 and to agricultural • credit corporations. Total .._. - 33,952 28, 565 22, 578 Partly as a consequence of the smaller wheat crops in 1925 than in other recent years, the Federal and joint-stock land bank loans amount of this crop left on farms on March 1 maintained their customary rate of increase was considerably smaller than in 1925 and 1924, during February, the net outstanding loans of and -was much less than the average for the the former being expanded approximately five, years 1921-1925. Stocks of corn, oats, $8,000,000 and the "latter $12,000,000. The and barley, on the other hand, were larger total of outstanding farm loans of reporting than in the two preceding years and exceeded life-insurance companies increased $10,000,000 the average amount on farms for the past during the first two months of 1926, The total five years. investments in farm real-estate loans of 52 Exports of agricultural commodities, as companies representing 93 per cent of the funds measured by the index prepared by the Depart- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APEIL, 192@ FEDEBAL BESERVE BTTLLETiK" 231 ment of. Agriculture, continued to fall off in Generally declining prices were in evidence -February, and as a result of this decline the in the wheat market during February, and.the total volume for that month was the smallest lowest level of prices since last November was for any recent year* All groups of commodities reached during the first week in March, when except dairy products, tobacco, and veggs were quotations' on Minneapolis May futures fell shipped abroad in smaller volume than in Jan- to $1.53%. Lower prices were attributed to uary, and exports of all groups except fruits and the,continued weakness in foreign markets and vegetables, tobacco, and lard were less than to the favorable reports of the growing winterin February of last year. Wheat exports, wheat crop in the united States. The March 1 including flour, were smaller than for any estimate of stocks of wheat, made by the Deprevious month in six years and were about partment of Agriculture, was placed at 99,279,one-half the monthly average amount exported 000 bushels on the farms and 75,429,000 bushels during the five years preceding the war. in country mills and elevators. This is. a Alter remaining at about the same level smaller amount than was on hand last year from September through February, farm prices, at this time and much less than the -five-year according to the Department-of Agriculture's average, The report of low reserves had a index, declined In March to the lowest point tendency to strengthen the market, and wheat since December, 1924. In March, 1925, the was quoted at a 4 or 5 cent advance at most index reached 151, the highest level since 1920, markets by March. 13. but in March of this year all groups except fruits and vegetables, livestock, and livestock «V11LL!ONS OF BUSHELS MILLIONS OF BUSHELS 1400 1 moo products were lower, but the greatest declines STOCKS OF GRAIN ON FARMS were in the -prices of grains and cotton. 1200 1200 Grains* : The condition of the winter-wheat crop continues favorable in most sections, although 1000f— 1OOO 5 YEAR MAR.1 MAR.1 some damage is reported by blowing soil in AVERAGE 1S25 1926 western Kansas, central Nebraska, and north- 800 800 eastern Colorado, and in Oklahoma more moisture was needed. In Missouri the latesown wheat is reported thin and poor; some 600 600 .damage by ice has occurred in the northern lowlands of Ohio, and the crop is' still some- 400 what uncertain in Illinois. The main producing States, however, report conditions as good to excellent. 200 200 The March. 1 "intention-to-plant" report has been issued by the Department of Agri- o culture, and the following table indicates what CORN WHEAT OATS BARLEY the farmers had In mind to plant at the time . The movement of corn to the principal inthey made their report, compared with the terior markets, despite the much larger crop acreage grown by them, last year. These of this season, was only slightly larger during plans, of course, are subject to material change, January] and February than during the coras subsequent weather and market conditions responding period last year. Poor roads during and other factors may influence their arrangethe latter part of February and the continued ments. favorable feed ratio may have tended..to retard INTENDED PLANTINGS IN 1926 the movement. Reports still indicate exces- [In per cent of acreage grown for harvest in 1925] sive moisture in the corn being marketed, and Crop I U S n ta it t e e d s A N t t o l i a r c t n h - N C t o r e a r n t l h - S A m t t i l c i a t n h - S C t o r e u a n t l h - W e e rn st- c o o n u h n a t n ry d . ele A v a f t a o ir r l s y a f r i e rm n o m t a k r e k e e p t i w ng a s l a in rg e e v s id to e c n k c s e during the month, with the industrial /demand and the southern and southwestern feed re- All spring wheat '• 98.2 125.0 101.4 90.6 Durum wheat (4 quirements quite active. Farm stocks were Ot S h t e a r t e sp s r ) i . n .— g wheat-. 1 9 1 2 9 . . 0 5 125.0 1 9 2 2 0 . . 7 6 8 8 0 9. . 7 2 reported as 1,318,793,000 bushels on March 1/ Flaxseed 100.4 101.6 87.8 or about 45.5 per cent of the 1925 crop. With Corn. - 99.9 101.6 99.1 100. 3 102.2 99.3 Oats... _ 104.6 104.2 101.9 115.7 133.5 98.9 the stocks held at the principal markets, the 105.7 114.6 105.8 104.9 133.7 100.8 March 1 supply totals about 1,353,000,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

232 FEDERAL RESERVE BULLETIN APRIL, 1926 bushels, which is approximately 560,000,000 showing production in each of the leading more than the amount held last year. cotton-growing States in 1925 and in 1914 are The trend in the oats market has been fairly given in the following table: firm, with receipts at the principal markets COTTON PKODUCTION, $Y STATES being much less in February than in the cor- [Equivalent, 500-pound bales] responding month last year. Receipts at the 17 principal interior markets totaled 12,244,000 State 1925 1914 for the current February, as contrasted with 14,903,000 bushels last year. Both consump- Virginia-.. 52,380 25,222 tion and exports have been maintained at a North Carolina 1,101,090 930,631 South Carolina 1, 533,810 greater rate than last year, so that despite the Georgia. 1,163,902 2, 718,037 large carry-over from the preceding crop, Florida. 38,168 81,255 Alabama 1,356, 088 1,751,375 stocks of oats on farms and in the principal Mississippi 1,979,065 1,245,535 Tennessee 517,162 383,517 markets were only approximately 17,000,000 Arkansas 1, 603,227 1,016,170 bushels larger on March 1 1926, than they Louisiana 909,755 449,458 ? Oklahoma 1,690,748 1,262,176 were a year ago. Texas.. 4,164, 569 4, 592,112 California ' 120,519 49,835 Rye did not follow the full decline with wheat, as strength in the German markets United States 16,085,905 16,134,930 and the limited offerings in the United States MILLIONS OF BALES MILLIONS OF BALES cash market were sustaining influences. Lower 18 prices for flax in Argentina, due to the large supply available for export, have been reflected by a decline in the market in this country. Cotton. Statistics published by the Department of Commerce snowing the amount of cotton ginned up to the beginning of March from the 1925 crop indicate that production exceeded early estimates and was the second largest on record. Since 1921 the crop has increased each year, and in 1925 the yield amountedfto 16,085,905 bales, a crop more than twice as large as in 1921 and nearly as large as the record yield of 16,135,000 bales in 1914. A more detailed comparison of the 1925 yield with that of other recent years and 1914 is presented in 1921 1922 1923 192*5- 1925 the chart. In February and the early weeks of March In all States except Texas, where the mid- exports continued to fall below the volume of summer drought seriously injured the crop, last year and from the beginning of the cotton- ? production was larger than m 1924, and in marketing season last August through the Virginia, North Carolina, Mississippi, Ten- week ending March 19 exports amounted to nessee, Arkansas, Louisiana, and California the 6,364,000 bales, as compared with 6,786,000 yield was larger than in any previous year. bales for the same period a year ago. Takings, Comparison of the yields in the several States on the other hand, of American cotton during with those in 1914, when the record crop for the same period by spinners throughout the the country was grown, although in some world were larger than in the previous season, States production in that year was not the but the greater part of this increase was due to largest on record, shows that in South Carolina, larger takings by mills in the United States and Georgia, Florida, Alabama, and Texas there Canada. Consumption by mills in the United was a perceptible decline between 1914 and States has not increased as rapidly as takings, 1925, but that production in Virginia, Missis- and stocks were 18 per cent larger at the end of sippi, Tennessee, Arkansas, Louisiana, and Ok- February than a year earlier. Stocks at warelahoma increased. The decline of production houses throughout the country, especially in in all of the first group of States except Texas, the South, were 54 per cent larger at the end which can be explained largely by the drought of February than in 1925 and reflected the large in 1925, probably indicates a change from cot- increase in the crop and the falling off in the ton to other types of agriculture. Statistics foreign demand. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AFRIL, 1926 3FEDEBAL BESE&VE BULLETIN" 233 Limited buying by mills and exporters; weak- of 1925 and were generally lower than for any ness in the price, of textiles, and no generally month since 1920. Preparations for the new unfavorable conditions regarding the new crop crop made good progress in March and plant were accompanied by a decline in the price of beds were prepared. Eeports by farmers to raw cotton in February and the first weeks of the Department of Agriculture of their inten- March, and following the ginning report on tions to plant in 1926 indicate that total March 20 the price declined to the lowest level tobacco acreage will be smaller than in 1925, since 1922. Weather conditions in February and but reductions are not indicated for all areas. the early weeks of March were generally favor- Growers of cigar types and of most dark types able for the development of the new crop, and indicate a smaller acreage, but growers of burley in certain sections of Florida and In the south- and of Maryland export type tobacco indicate ern part of Texas the crop was planted early that plantings will be about 8 per cent and 20 and the young plants are growing rapidly. In per cent larger, respectively, than in 1925. view of the larger crop and lower prices in 1925 In the tobacco-manufacturing industry the than in other recent years, efforts are being output of cigars was larger in February than in made throughout the Cotton Belt to reduce the January, but production of cigarettes and manuacreage this year, but it is yet uncertain as to factured tobacco products declined. Comthe extent to which a reduction has taken place. pared with other recent years, the output of Tobacco. cigarettes exceeded all previous records for the Late in February and in March marketing month of February, but that of cigars was of the 1925 tobacco crop was practically com- smaller for that month than in any other recent pleted, and markets in several of the leading year; producing sections closed. Total sales by Fruits and vegetables* producers for the season, August through Early fruit and truck crops suffered some February, in the Virginia, Carolina, Kentucky, damage from the March frost which affected and Tennessee markets, exclusive of deliveries the region south of North Carolina and to cooperative marketing associations, amount- Tennessee. Northward, however, the cool ed to 657,732,000 pounds, as compared with weather has had a favorable influence in re- 467,602,000 pounds during the corresponding tarding too rapid development. period last year. Sales in the Virginia, North The marketing of fruits during February Carolina, and South Carolina markets were was carried out at a slower rate as compared considerably larger than in the previous with the corresponding month a year ago, season, and in the burley tobacco sections of car-lot shipments of grapefruit showing a de- Kentucky sales were also larger, notwith- crease of more than 40 per cent, oranges standing the fact that the crop was smaller approximately 7 per cent, and lemons 6 per than in 1924, The following table shows in cent. Apple shipments, however, were almost greater detail the amounts of the different double those of last year. Strawberry shiptypes of tobacco sold in the several producing ments, which have been slow in getting under sections during the seasons ending with Feb- way this season, showed an increase over ruary in 1925 and 1926: January, but were still considerably under those of last February. SALES OF TOBACCO AT LOOSE-LEAP WAREHOUSES X The trend of the apple market is still un- (AUGUST TO FEBRUARY, INCLUSIVE) certain, heavy supplies tending to lower prices. 1925-26 1924-25 Reports of cold-storage holdings indicated that Virginia: Pounds Pounds March 1 stocks were fully 20 per cent above D Br a i r g k h t b e b lt e lt- ___ _ 2 6 6 2 , , 5 5 6 5 0 0 , , 3 88 6 5 3 2 5 2 6 , , 2 8 6 91 8 , , 1 4 1 1 3 1 the 5-year average, with boxed apples running North Carolina 338,106,775 232,015,764 27 per cent above the average. Demand, South Carolina 52,293, 682 39, 759, 569 Burley 87,715,457 72,053, 632 however, continues fairly active and some Western dark_ _._ _ 90, 504,835 44,613, 266 improvement has been noted in the foreign Total. -- — • . • 657,731,997 467,601, 755 trade. 1 Exclusive of deliveries to cooperative marketing associations. In the vegetable markets, potatoes, sweet Partly because of the offering of poor grade potatoes, onions, and spinach were slightly tobacco for sale at the end of the season, prices lower in the first half of March as compared of all types of tobacco in the Virginia markets with the month of February. Mexican tomawere lower in February than in January. Prices toes and Spanish onions have been entering of nearly all types were lower than in February the market in greater amounts, the former Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

234 FEDERAL' RESERVE BULLETIN 1926 making up the larger part of the supply, Feeders are offering sharp competition for while the latter totaled about 7 per cent of animals suitable for returning to the feed lot the supply. Potato shipments during March and, as a consequence, the spread between the were under those of a year ago amounting to lower grades and finished stock has been greatly about three-fourths of the we ly movement reduced. Good profits were realized by feeders last year. who stocked their feed lots at the lower level of Shipments of Florida veg< cables continue prices prevailing last fall, and the favorable under those of last year, both acreage and feeding ratio of corn is stimulating buying, yield being light, Texas cabbage is moving even at the comparatively high level of prices rapidly to market and growers are realizing now prevailing. about $35 per ton, about three times the The hog market averaged 40 cents higher on amount realized last year. the bulk of sales in the Chicago market during The March 1 report of uIntentions to plant/' February as compared with January. The Issued by the Department of Agriculture, indi- average weight is continuing to increase, cates that farmers are planning an increase reflecting the favorable feeding ratio of corn, of 4 per cent in the acreage of potatoes as com- and lightweights are commanding a premium pared with last year* The chief increase in the of $1.50 to $2.00. Receipts at public stockacreage now planned is found in the Southern yards during February were materially reand Western States, where an increase of duced as compared with January, and the around 14 per cent is planned or planted. slaughter for the month was approximately a third less than for February of last year, Livestock. 4,447,000 head being killed In 1925 as com- Reports from the western range area indicate pared with 3,351,000. head for February of this that livestock wintered in good condition and year. that losses were lighter than usual. The The trade in sheep and lambs was marked Department of Agriculture reports the average by declines of $1.75 in Iambs and approximately range condition for the Western States as 90 $1 in yearling sheep. The movement of per cent of normal on March 1, as compared lambs from Colorado and Nebraska feed with a condition of 79 percent on the same lots, which was under way during February, date last year. ' The month of February was brought a sharp decline in the lamb market, mild over much of the range country, and win- as shipments consisted of a high proportion ter ranges which had been covered with snow of overweight lambs which packer buyers purbecame available to an increasing extent. Sup- chased only at a discount. The run of overplies of hay and other feeds have been ample, weight lambs is attributed to delayed marketfor the most part, and are sufficient to last until ing on the part of western feeders, coupled spring grass. ' Estimates of the spring move- with the fact that Iambs entered the feed lots •ment of cattle from the Southwest States are last fall at higher-than-average weights. lower than for last year, although the quality Reports indicate a continued lack of interest of stock is reported much better, and a good in contracting of lambs for fall delivery. proportion of grass-fat cattle will go to market. Very little wool Is being sold in advance of The estimated movement from Texas is larger shearing, and the few sales that have been than last year, while a decrease in the move- made Indicate a level of prices about 4 cents ment from New Mexico and Arizona is antici- below that of last year. pated. The average prices of livestock at the Chi- The receipts of cattle at the principal mar- cago market for February, with comparisons, kets during February showed the usual seasonal is reported by the Chicago Federal Reserve decline from January, but short-fed beef ani- Bank as follows: mals swelled the total above the usual February marketings of preceding years. Average AVERAGE PRICES OF LIVESTOCK prices of native beef steers in February were [Per hundred pounds at Chicago] approximately on the same level as In January, Months of— while a very slight decrease was effected in Week ending quotations on fat cows and heifers. The mar- Mar. Febru- Janu- Febru- 13,1926 ary, ary, ary, ket for both classes, however, showed an 1926 1926 1925 upward trend in March, an average gain of 20 Native beef steers (average) $9.85 $9.65 $9.65 $9.35 cents per hundred for the former and 65 cents Fat cows and heifers _ 7.25 6.60 6.65 5.65 per hundred for the latter being recorded in the Hogs (bulk of sales) 12. 25 12.35 11.95 11.05 Yearling sheep - 10.10 11.65 12.70 14.05 Chicago market in the week closing March 13. Lambs (average) __ _. . 12. 20 13.50 15.25 17. 50 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1926 FEDERAL RESERVE BULLETIN 235 Dairy products* PER CAPITA CONSUMPTION OF DAIRY PRODUCTS IN A marked increase In the production of dairy THE UNITED STATES products was In evidence during the month^of February, receipts of butter at the five prin- Year Milk Butter Cheese d C en o s n e - d Ice cipal markets showing a gain of about 12 per milk cream cent, over the same month last year. Receipts of cheese at the primary markets in Wisconsin GallonsPounds Pounds Pounds Gallons 1910 17.70 3.92 1.04 also showed an increase of 10 per cent for the 1914... 16.90 4.00 1.68 same period. 1916 15.40 3.04 2.08 1917 42.4 14.57 2. 89 10.49 2.07 The butter situation remains fairly stable, 1918-- .___ 43.0 14.00 3.00 12.50 2.14 the price having recovered from, the break in 1 1 9 9 1 2 9 0 4 4 3 3 . . 0 0 1 1 4 4 . . 8 7 0 0 3 3. . 5 5 0 0 1 1 0 2 . . 1 3 7 0 2 2. 4 4 6 9 early' February, and the average price for the 1921 49.0 16.10 3.50 11.40 2.28 1922. 50.0 16.50 3.70 12.69 2.43 month did not vary greatly from that of Janu- 1923 53.0 17.00 3.90 13.25 2.68 ary. Stocks in cold storage on-March 1 totaled 1 1 9 9 2 2 5 4 54.75 17.25 4.20 14.00 2 2 . . 8 5 0 0 26,321,000 pounds, as compared with 28/739*000 pounds on the same date last year. The decline MINING In storage holdings during February, however, was approximately 4,000,000 pounds less than Mineral production was smaller in February last year. By action of the President, the than in-January, owing partly to the shortness tariff on butter Imports has-been raised, from of the month and partly to the seasonal 8 to 12 cents a pound, effective April 5, 1926. decline in bituminous-coal production. The The trend In the cheese market was slightly index of mining output was also smaller than downward during February, and a further a year ago, decreases as compared with last reduction of 1 to 1M cents was made during February In the production of anthracite, pig the first . week In • March, Storage . holdingsiron, copper, and silver offsetting increases in still remain above those of last year, the stocks bituminous coal, petroleum, zinc, and lead. on March 1, totaling 42,779,000 pounds, as Weekly figures for March showed increases in compared to 34,647,000 pounds on the same output of anthracite and decreases in that of date last year. The reduction of storage bituminous coal, with both greater than in 1925. holdings during the month of February, how- •ever, was slightly greater than for the same Coal and coke. month last year, indicating that the movement Due to the resumption of anthracite-coal into consuming channels is progressing satis- production and the usual seasonal recession, •factorlly. The Chicago Federal Reserve Bank markets for coal and coke were unsettled .reports that the distribution-in February from during the latter part of February and the the primary markets in Wisconsin, in which first part of March. With industrial demands State 75 per cent of our total American type of continuing at a high rate, however, the re- -cheese Is produced, Increased 19 per cent over adjustment was orderly. The Coal Age index the same period a year ago. of spot prices for bituminous coal declined The trend in the consumption of dairy prod- slightly during the period, falling from $2.10 ucts in the United States reflects a gradual on February 15 to $2.03 on March 15, about increase, which has tended to offset the mate- the same level as in March, 1925. Output of rial increase in production during recent years. bituminous coal in February was estimated at The following figures, .supplied by the Depart- 48,577,000 net tons, the lowest since August, ment of Agriculture, indicate the rate at which but still 20 per cent above February, 1925. this Increase has taken place: -During the first two weeks of March production Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

236 FEDERAL RESERVE BULLETIN APRID, 1926 fell off rapidly, average production per working following table, and it was probably in conday being 1,782,000 net tons for the week end- sideration of this factor that prices advanced. ing March 13, as compared with 2,002,000 net tons four weeks earlier and 1,440,000 net tons DAILY AVERAGE PRODUCTION OF CRUDE PETROLEUM1 for the second week in March, 1925. [In barrels of 42 gallons] As production of anthracite coal did not begin in large volume until the third week in California United States February, total February output was only 2,083,000 net tons, as compared with 7,176,000 1926 1925 1926 1925 net tons in February, 1925. During the first two weeks of March output was high, daily January __ 615,147 604,622 1,924,387 1,919,968 Week ending— production averaging 1,966,000 net tons during Feb. 6 608,000 595,500 1,906,250 1,941,600 the week ending March 13, as compared with Feb. 13 606,500 598,100 1,902,500 1,935,100 Feb. 20.. 603,500 601,800 1,902, 750 1,947,600 1,656,000 net tons during the corresponding Feb. 27 603,000 602, 000 1,927, 050 1, 943, 750 Mar. 6 599, 000 603,000 1,920, 300 1,944,450 week last year. Mar. 13 607, 500 603,000 1,935, 200 1,949,200 Although total production of coke during February of 4,902,000 short tons was 283,000 1 Monthly figures, Bureau of Mines, Department of Commerce; Weekly figures, American Petroleum Institute. tons under the January peak, it represented a higher daily rate of output. Actual produc- Statistics prepared by the Bureau of Mines tion of beehive was 1,402,000 tons, the highest of the Department of Commerce and published since August, 1923, while output of by-product early in March showed that the production at 3,500,000 tons was the lowest since October, of gasoline in January was 14 per cent larger 1925, but above all previous months. During than a year earlier, and that stocks at the end the first part of March output of beehive fell of the month were 20 per cent greater than on off rapidly, but was still above the first half the corresponding date in 1925, exceeding of March, 1925, production for the week end- stocks at any previous period. The large ing March 13 being 262,000 tons, as compared increase in gasoline production in 1925 and with 362,000 tons four weeks earlier and in the first part of this year, which resulted 243,000 tons for the second week in March, in the large addition to stocks, notwithstand- 1925. Quotations for coke fell rapidly follow- ing the fact that gasoline consumption was in ing the settlement of the anthracite strike. record volume, was due in part to the "crack- Connellsville coke being quoted at $3.25 on ing process" used in refining, which enables March 16, as compared with $10.50 on Feb- a larger amount of gasoline to be produced ruary 10. from crude petroleum than formerly. Despite the large increase in production and Petroleum. stocks, prices of gasoline have advanced some- Declines in the production of crude petrowhat since the beginning of the year, as will leum during January and a continuation of the be seen in the accompanying table, but near output in a relatively small volume up to the the middle of March the market was not as middle of February were followed by rising firm as earlier in the year and quotations at prices, and for the week ending March 20 refineries showed slight declines. the average price of crude petroleum for ten fields was $2,048 a barrel, as compared with PRICES OF GASOLINE1 $1,842 early in January. Partly as a consequence of this improvement in prices, produc- [Cents per gallon] tion was stimulated late in February and in the early weeks of March, and for the week ending Refin- Service eries stations March 13 the daily average output amounted to 1,935,200 barrels, the largest since the middle Average of January. Price advances in March oc- Week ending- a A t v r e e r p a r g e e - fo ti r o n 1 s 0 o se f ccurred in nearly all of the leading producing sentative the fields, but those in California, which were r c e e f n in t i e n r g s U S n ta i t t e e s d advanced from 1 to 44 cents per barrel, according to gravity, seemed to be the most sig- Jan. 1 __- --_ 11.125 20.92 nificant, since they were the first in more than Feb.27 - . 11. 375 21.77 Mar. 6 11. 375 21.97 a year. Declines in production in California Mar. 13 11. 325 22.17 since January have been relatively greater than Mar. 20 .. 11.287 22.17 for the country as a whole, as is shown in the i Oil, Paint, and Drug Reporter. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1926 FEDERAL BESEBVE BULLETIN 237 Correction 8 —In this section of the BULLETIN levels since last October. The decline in the for February, 1926 (p 85), the footnote to index of manufacturing production from Jane the table referring to November 30 should uary to February may be attributed to the have been omitted* Statistics showing stocks shortness of the latter month. As compared related only to stocks east of California and with February of last year, some increase in the December, 1924/figure should have been the index was shown, owing chiefly to the 312,725,000 barrels instead of 311,479,000 greater production of automobiles and petrobarrels, leum products. The indexes for lumber and Nonferroiis metals. products, paper and printing, tobacco products, During the latter part of February and the and rubber tires were also slightly larger than a first part of March quotations for nonferrous year ago, and those for iron and steel and texmetals maintained the general trends that tiles showed no significant changes, while the characterized the preceding month. Tin con- food products and leather and shoe indexes tinued to rise, and lead, zinc, and silver reacted declined. Trade reports indicate continued further to the lowest levels in recent months. activity during March in iron and steel and Refined electrolytic copper delivered in New automobiles, with some evidences of curtail- York was stable at 14 £g to 14 M cents. Pro- ment in textiles. duction of copper in the United States during Food products. February fell"to 135,586,000 pounds, the lowest since November and 2 per cent under February, The production of meat products during Feb- 1925, but stocks on hand at the end of the ruary reflected the usual seasonal decrease, and month again showed a slight increase. Feb- the number of animals slaughtered was less than ruary output of lead was the lowest since Sep- for the same period last year. Slight increases tember, but at.a higher daily rate than in Jan- in the number of cattle, calves, and sheep killed uary and 14 per cent above February, 1925. were greatly offset by a decline of over 1,000,000 Shipments of slab zinc in February were head of hogs. Total value of sales billed slightly under the corresponding month last to domestic and foreign customers by 47 meatyear, but output was 14 per cent greater, packing companies in the United States, as average daily production being higher than the reported by the Chicago Federal Reserve Bank, January peak. Stocks of slab zinc in the declined 7 per cent from January and was 8 hands of refineries at the end of the month per cent greater than in February, 1925. The increased as a result to 20,341 tons, the largest latter figure, however, is offset to some extent since July. On March 17 lead was quoted in by the increased level of prices prevailing this New York at 8M cents, the lowest since July, year. 1925-, and 1J^ cents under the peak in November. Storage stocks of pork and lard, which are -Quotations for zinc in St. Louis, after dropping increased at this season of the year in anticipafrom 8% cents in November to 7% cents in tion of the summer trade when the run of February, fluctuated between 7M and 73 hogs is light, displayed less than the average cents during the first part of March. rate of increase. Stocks of salt pork increased With the market quiet, the price for silver approximately 28,000,000 pounds during Februhas shown a further slight recession, quota- ary, but the March 1 holdings were about tions for bar silver in New York standing at 66 137,000,000 pounds less than on the same date cents on March 17. This is the lowest since last year.. The same trend was in evidence in July, 1924, and 6% cents under the September lard stocks where, with a February gain of high. Deliveries of tin to the United States 12,000,000 pounds, the storage holdings on during February fell off from the high January March 1 totaled only about one-half of the figure, but with that exception were the largest amount held on the corresponding date last since September, while stocks in New York at year. A fair export movement of lard was the end of the month were the largest since the maintained in February, and a slight increase end of August. Quotations for tin continued in the shipments from the principal ports of the United States during the first two weeks strong during the period, Straits tin being in March brought the export movement for that quoted at 66 cents on March 17, the highest period up to 29,621,000 pounds, as compared since August, 1919, with 27,149,000 pounds during the correspond- MANUFACTURING . ing period last year. Manufacturing production and factory em- The activity in the flour trade has continued ployment and pay rolls have continued at high slow, with production during February running Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

238 FEDEBAL KESEBVE BULLETIN APRIL, 1926 under January totals and below that of Febru- FAIRCHILD INDEXES OF TEXTILE PRICES ary of last year. Practically all milling centers participated in the decline with the exception of For week ending- Buffalo, which increased its output. Export Index trade was very quiet, although the Latin- Mar. 19, Feb. 19, Mar. 21, 1926 1926 1925 America trade was up to the seasonal average. January established a new low record in total exports for that month, when the outward Text C il o e tt f o ib n e rs—com __ posite _ >. r 1 1 61 9 . . 3 9 3 2 1 2 7 0 1 . . 6 9 4 8 1 2 9 5 8 . . 6 4 7 5 movement totaled only 676,000 barrels. Domestic raw wool 100. 631 108. 642 130. 67a Raw silk 59.37 65.10 Flour prices declined in late February as a Rayon—. 20.00 20.00 20.00 Textile fabrics: result of the lowered wheat market, and dis- Cotton goods.. „. 13. 614 14. 075 15. 794 Woolen and worsted goods 1 _ 221. 714 222.119 246.190 tributors and bakery interests, whose supplies Silk goods 2 132. 05 132. 35 123.69 had been running low, stepped into the market Men's suits (spring) 3 24.614 24.614 to replenish stocks. Although orders were 1 Quotations as of 15th of month. only for immediate needs, milling activity was 2 Quotations as of 1st of month. stimulated to the extent that all the principal 3 February quotations. milling sections, with the exception of the In the cotton industry, the decline of yarn Pacific coast, were running at a higher rate of and goods prices which began last fall but was- ? capacity during the first half of March than checked in January, wasjresumed in February, for the corresponding period last year. Pacific and the Fairchild indexes fell sharply to .the coast mills, during the same period, were pro- lowest pointerecorded since the spring of' 1922. ducing an output about one-third less than These decreases reflect a similar drop in the • last year. price of raw cotton, which has continued rather The lowest level in four years was reached steadily for several months. . Buying of cotton in the sugar market on March 24, when the goods ' and yarns has slackened somewhat. refined product was offered at 4.90 cents. Mill activity was. rather well sustained during Refiners on the eastern seaboard had been Februarj^, cotton consumption was the largest offering refined stocks during the first half of ever recorded for that month, • and spindle- March at a range of 5 to 5.20 cents. Meltings activity has been previously exceeded in only for February were the highest since last Sep- a few months. Unofficial reports, however,. tember, totaling 444,259 tons. Stocks at the indicate some curtailment in.yarn mills duringend of the month materially increased also, March, Finishers of cotton fabrics reported amounting to 178,803 tons, as compared with increases in billings and shipments during 137,829 tons on the same date last year. The February as compared with January, and movement of Cuban sugar to this country has, billings and orders were larger than in Februso far, been under that of last season. ary, 1925. Stocks have decreased slightly since the end of December, but were larger than Textiles* a year earlier. Textile markets were weaker in February Raw-wool prices continued to decline in and March, buying was limited in volume, and March and fell below the low levels of the three prices declined. The Fairchild composite tex- preceding years. The Fairchild index of dotile-fiber index declined in March to the lowest mestic-wool prices for the week of March 19 point since April, 1922. The drop in raw- was the lowest since May, 1922. Quotations material prices has in recent weeks extended on foreign wools recently have declined only from wool and cotton to silk, and has likewise slightly and the corresponding Fairchild index been reflected in prices of fabrics. The ac- remained above the low point of last September. companying table shows certain of the Fair- Total imports of raw wool in January and child textile indexes for recent dates compared February were smaller than in the same months with previous figures of last year, but receipts of foreign combing Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1926 FEDERAL RESERVE BULLETIN 239 wools at principal ports from January 1 to Iron and steel. March 20 totaled 76,933,000 pounds—18,474,- Production of iron and steel during February 000 pounds more than in the corresponding was at close to the rate of output, prevailing period of last year. Imports of clothing and during December and January, and trade recarpet wools have been smaller this year. ports indicate that this volume has been main- In piece goods, the heavy-weight season is tained during March. Buying has; not- kept well under way, with prices materially lower up with production and shipments, and unthan those of a year ago. Operations were filled orders have declined, those of the United curtailed^ in February, according to statistics States Steel Corporation falling from 5,033,364 of machinery activity and employment, and tons at the beginning of the year to 4,616,822 pay rolls were smaller than in the corresponding tons at the end of February. month of last year. Some of this curtailment Toward the end of March new contracts is due to a strike in certain New Jersey mills. for the second- quarter were entered into. Apparel manufacturers are busy supplying Connellsville-coke contracts were made at spring garments. Employment and pay rolls prices averaging about $3.25 a ton, as comin the clothing industries showed the usual pared with $3.75 to $4.10 for the first quarter. seasonal increase in February, but were not as Iron-ore prices for the 1926 season have been great as a year ago. reestablished by a recent sale at the, 1925 level—$4.25 a ton. . Ferromanganese prices Since the first of the year a definite reaction were reduced in the latter part of March. from the high rate of activity of the latter part Buying of pig iron has not been very active, of last year has occurred in the silk industry. and prices were reduced by some producers Prices of raw silk and of silk goods have deduring March. Steel prices remained firm clined and manufacturing operations have been during February and March, with only minor curtailed. Raw-silk prices dropped rather changes in a few lines. sharply in the latter part of February and in March, • falling to near the low levels of last Railroad buying of steel has been somewhat spring. Deliveries of raw silk to mills were larger.'than a year ago, although smaller than fairly well maintained in February, and al- in 1924. Building consumption has also been though seasonally smaller than in January, they large, and bookings and shipments of strucequaled the December deliveries and exceeded tural steel were greater in February than in those of any previous February, Loom activ- the same month last year. Fabricated steelity was curtailed in December and January, plate bookings were also larger than a year but continued much greater than a year ago. earlier. Production and shipments of sheets Reports indicate some further curtailment in by independent manufacturers exceeded those. February and March, accompanying the slack- of February, 1925, but sales and unfilled orders ening in the raw-silk and silk goods markets. showed decreases. Imports of raw silk were smaller in February Automobiles and tires* than for any month since July. Prices on Production of passenger automobiles during certain foreign makes of rayon were reduced the first two months of this year was greater in March, but domestic quotations remained than in the corresponding period of 1925 and unchanged. 1923, but less than in those months of 1924, Buying of knit goods was reported to be the previous record. Truck output exceeded somewhat limited in volume in March, and, re- that of January and February of any previous flecting declines in raw materials, hosiery prices year. Trade reports indicate a continuation were reduced. Operations among knit-goods of production at a high rate during March. manufacturers, as indicated by employment Further readjustments in prices have been and pay-roll statistics, were well sustained announced by various producers, many of through February. Preliminary February them making allowances for the prospective statistics from hosiery manufacturers in the reduction in the Federal tax on automobiles Philadelphia and Atlanta Federal reserve sold by manufacturers. districts indicate that production and ship- Distribution of cars was large during Febments continued at about the same rate as in ruary, exceeding that of a year ago by an January, but that orders decreased. January appreciable margin. Reports indicate, howknit-underwear figures showed a large produc- ever, that retail sales by dealers were much tion of summer garments and substantial in- smaller than their receipts from manufacturers; creases in new orders as compared with No- the ratio of dealers* retail sales to receipts vember and December, reported by manufacturers producing 63 per Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

240 FEDERAL KESEBVE BULLETIN APRIL, 1926 cent of the total output equaled 73 per cent Hides, leather, and shoes. In February, as compared with 87 per cent in Little change has been noted in recent weeks the corresponding month of 1925, 70 per cent in hide and leather markets, and the state of in 1924, and 81 per cent in 1923. This indi- slackened activity prevailing earlier in the cates that dealers' stocks are increasing, and year has continued. Hide prices reached a low reports to the Chicago Federal Reserve Bank point in February, and, although some quotaby representative dealers show stocks at the tions advanced slightly toward the end of that end of February 18 per cent greater than a month, they receded again in March. Leather month earlier and 30 per cent larger than on production was generally smaller in January the same date in 1925. Wholesalers reported than in December or in the preceding January. to the Chicago bank an increase of two-thirds Stocks of upper leather in process of manuin number of cars sold over those of a year facture were enlarged, the increase in goat ago, while retailers sales were 5 per cent and kid skins being especially worthy of note. larger. Sales of used cars were slightly smaller Production of sole leather continued small in than during last February. February, and tanners' finished stocks de- Production and shipments of rubber tires creased further, but stocks in process increased and tubes increased in February as compared slightly. with January. Output was slightly greater Boot and shoe production increased in Febthan a year ago, but shipments were smaller. ruary, but for the fourth consecutive month Stocks of tires and tubes were enlarged and was smaller than in the corresponding month at the end of the month were the largest on of the previous year. In fact, February outrecord. Crude-rubber prices, which declined put was exceeded by that of the same month almost steadily from early in December tor each of the three preceding years. The until late in February, falling to about 50 cents increase as compared with January was noted a pound, strengthened somewhat in March and in all the important shoe-producing Federal rose to above 60 cents. Imports of crude reserve districts. Sales of shoes at wholesale rubber continued large. were larger than in January and also greater than in February, 1924 and 1925, but smaller Lumber. than in the same month of 1922 and 1923. Reports to the National Lumber Manufacturers Association for February show for all BUILDING classes of lumber combined aggregate orders slightly in excess of shipments, and shipments The record of construction for February running somewhat above production. A sim- indicated some recession from the very high ilar statement holds true for softwoods and level of January. On a comparison with for hardwoods, as shown by separate compila- February of last year, however, the value of tions for those two general classes of lumber contracts awarded in 37 States east of the except that shipments of hardwoods were Rocky Mountains in February of this year, as slightly below production. For the 10 weeks reported to the F. W. Dodge Corporation, ended March 13, also, orders of softwoods shows a gain of 25 per cent. This gain over exceeded shipments, and shipments exceeded the year is fairly m. line with the general production, although in this period as a whole trend of construction activities for several production of hardwoods ran above shipments. years past, during which the volume of build- Total lumber cut in February was in nearly in the country has tended continuously to the same volume as in January of this year advance to new high levels. Over-the-year and in February of 1925. As reported by 157 gains shown for January and December were, mills to the Southern Pine Association, ship- it is true, much greater. They- indicated a ments of southern pine in February exceeded marked accentuation of the persistent upward production, both production and shipments trend of earlier months. Construction volume being in smaller volume this year than in in December of last year ran some 56 per" cent February of 1925 (as reported in 1925 by 173 above that of December, 1924; and in January, mills). Production of Douglas fir, as reported although the volume of building fell off by to the West Coast Lumbermen's Association rather more than the usual seasonal Decemby 95 mills this year, in February ran above ber-January decrease, it was still 48 per cent shipments, both production and shipments above that of January, 1925. In comparing being in nearly the same volume this year as February with the month before, the very hign last (as reported in 1925 by 113 mills of the January record must be kept in mind and also association). the difference in number of working days, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1926 FEDERAL RESERVE BULLETIN 241 which accounts for some relative diminution tricts—Philadelphia, Cleveland, Atlanta, Chiof February totals. Extreme winter weather cago, St. Louis, Minneapolis, Kansas City, and conditions also are noted as affecting the Dallas; decreases of approximately $5,000,000 February totals. Percentage gains and losses each in the Boston and Kichmond districts, over the month and over the year, as computed and a decrease of $91,000,000 in the New York by the F. W. Dodge Corporation, are given district. It is noted that the January figures in the table following, by regions: for the New York district included a $50,- 000,000 power plant in New York City, and it will be apparent that the award covering this PERCENTAGE ' GAIN (+) OR LOSS (—) IN VALUE OF CONSTRUCTION CONTRACTS AWARDED single project in January was a considerable factor in determining the percentage changes over the month for the district and for the 1926 compared with 1925 country as a whole. Of the increase of $79,- February com- 000,000, or 25 per cent, shown for February Area First p w ar it e h d this year over the same month a year ago, two February months January nearly $42,000,000 is credited to the New York of year district, the remaining 10 Federal reserve districts showing a net increase of $37,000,000. Total, 37 States east of the Rocky Seven of these districts show increases and Mountains. _ +25 +37 three-—Boston, Cleveland, and St. Louis— New York State and northern New- Jersey +65 +72 show decreases. N M e i w dd l E e n A gl t a la n n d t i S c t d a i t s e t s r . i - c - t (eastern Penn .. - . -19 -7 -23 For the value of residential contracts which sylvania, southern New Jersey, Mary- constitute 46 per cent of the aggregate value of land, Delaware, District of Columbia, and Virginia) _____.--. -19 +12 -22 February contracts for all classes of construc- Pittsburgh district (western Pennsylvania, West Virginia, Ohio, and Ken- tion a 6 per cent decrease over the month is tucky) _ „ -3 -1 +19 shown, and a 28 per cent increase over Feb- Southeastern States (North Carolina, South Carolina, Georgia, Florida, ruary of 1925. The increase over February of Tennessee, Mississippi, Alabama, Arkansas, and Louisiana)- +83 +72 +30 last year for this class of construction amounted" The Central West (Illinois, Indiana, to $39,000,000, of which $28,000,000 is credited Iowa, Wisconsin, Michigan, Missouri, Kansas, Oklahoma, and Nebraska).-. +8 +22 +8 to the New York district. Increases are shown The Northwest (Minnesota, North Dakota, South Dakota, and northern for four other districts, Atlanta, Chicago, Min- Michigan)... __. +15 _4 +32 neapolis, Dallas, and decreases for six districts.- Texas. -15 +25 +21 On comparison of the February record of 168 selected cities with that for the preceding In the two months January 1 to March 1 of month, it appears that a slightly larger number this year contracts awarded in the 37 States of permits were issued in February for a covered by the Dodge Corporation data (ac- slightly smaller aggregate estimated cost of counting for over 90 per cent of construction construction. Both the number and estimated in the country as a whole) amounted to cost this year ran below the February record $847,000,000, exceeding awards in the corre- of 1925, the decrease over the year in estisponding period of 1925 by more than $225,- mated cost amounting to 8 per cent. Net 000,000= In the 1926 total for these two increases over the year are shown for selected months residential contracts accounted for cities of the New York, Atlanta, and Dallas $370,000,000, industrial buildings for $135,- districts, and net decreases for cities in the 000,000, commercial buildings for $121,000,000, nine remaining districts. In their survey for public works and utilities for $120,000,000, the month, the S. W. Straus Co. note that and other classes of construction for $101,- unfavorable weather conditions in the North 000,000. For " contemplated projects " brought and the coal strike " undoubtedly affected forward in February an aggregate valuation of building conditions adversely/' but they do $861,000,000 is reported by this corporation— not find in the February record any indication an amount somewhat in excess of the corre- of change in "fundamental conditions." Responding figures for January. ports to the F* W. Dodge Corporation from Distributing the net decrease of $67,000,000 the building departments of 207 cities show (from $457,000,000 to $390,000,000) over the gains over February of last year for 73 .cities, month in the total value of awards, it appears decreases for 133 cities, and no change for 1 city. that this net change covered increases aggre- The Bureau of Labor Statistics index of wholegating $34,000,000 in eight Federal reserve dis- sale prices of building materials fell off from Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

242 FEDERAL RESERVE BULLETIN APEIL, 1926 177.9 in January to 177.1 in February. On a . During February the roads had in reserve 1913 base as 100 the New York Eeserve Bank's available for service an average surplus of index of cost ofjbuilding advanced from 194 227,000 cars, including 94,000 box and 87,000 in January to 196 in February, covering a coal cars, the average for February falling shifting in the building-wages index from 219 below that for January by some 57,000 cars. to 224, and in the building-material index In reports for the first quarter of March. a from 178 to 177. further decrease in surplus to 202,000 cars is shown, but the surplus of reserve cars available TRANSPORTATION for service has been generally at all times for a considerable period past adequate to pro» Although for all classes of freight combined vide for current freight traffic requirements in freight-car loadings in February indicated a the several districts. On March 1 the pervolume of shipments somewhat under that of centage of freight cars (93) and the percentage the preceding month, the decrease was less than of locomotives (84) in serviceable condition the usual seasonal change, and the Federal Re- were above the average percentages of recent serve Board's index of freight-car loadings, cal- years for this date, culated on a 1919 base as 100 and adjusted for • Rate of return earned in January on property seasonal variations, advanced from 118 in Janinvestment, as shown by the carriers' books, uary to 127 in February. Measured in car is estimated by the Bureau of Railway Ecoloadings, the February distribution of freight nomics to be equivalent on an annual basis ran in very nearly the same volume this year as to 4.60 per cent, the corresponding figure for in 1925. In the opening weeks of March, how- January of 1925 being 4.72 per cent. Carriers ever, loadings were running fairly above 1925. in the eastern district earned in January at For the year to March 20, according to compilathe rate of 4.80 per cent this year and 5.04 per tions by the Bureau of Railway Economics, cent last year; in the southern district at the loadings reported this year ran above the fiverate of 6.01 per cent this year and 5.45 per cent year average for this period by 11.7 per cent. last year; and in the western district at the The excess over this average amounted to 16.8 rate of 3.88 per cent.this year and 4.11 last per cent for manufactured products, 9.9 per year. According to computations by the cent for forest products, and 4.5 per cent for coal and coke, grain and grain products showing bureau, the gross revenue of the roads in Janua deficiency of 1.5' per cent. ary fell short of the 1925 January revenues by $4,023,221, or 0.8 per cent, and total operating February loadings of miscellaneous freight,' expenses were less this year by $5,313,265, or including merchandise in less than carload lots, 1.4 per cent. As reduction in expenses someand representing in general the distribution of what exceeded the falling off in revenue, the manufactured products, were in nearly the operating ratio, or percentage of operating same volume this year as last, and this class of expenses to operating revenues, for the month freight also/ as well as total loadings, showed decreased slightly over the year from 79.16 less than the usual seasonal decrease over the in January of 1925 to 78.72 per cent in January month, the Federal Reserve Board's adjusted of this year, index^advancing from 136 to 141. For each TRADE other class of freight also the seasonally ad- Wholesale trade. justed index advanced in February Compared with the record for February of 1925, Wholesale trade was smaller in February loadings of grain and grain-products, coal, and than in January, according to the Federal coke this year ran in somewhat larger, and load- Reserve Board's index of wholesale trade ings of ore, forest products, and livestock in based on reports from firms in six leading lines somewhat smaller volume, but the differences of merchandise. Grocery, meat, and- drug except in the case of coke were relatively small. sales were less than in January, but buying In totals for the several transportation dis- of dry goods and shoes by retailers in anticipatricts, the usual seasonal change is apparent, a tion of the usual expansion in spring trade was decrease over the month being shown for each larger. Sales of groceries declined from the district except the southern, and, except for January volume in all Federal reserve districts rather substantial increases shown for the except St. Louis, and drug sales were less in all Pocahontas and southern districts, freight ap- districts. Larger ,sales of dry goods than in peared, to be running in nearly the same volume January were indicated in all sections of the this year as last in the several districts. country except on the west coast, and buying Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1926 FEDERAL RESERVE BULLETIN 243 of shoes increased In all reserve districts except women's suits and skirts, waists and blouses, in the New York, Philadelphia, and St. Louis and millinery, showed the .greatest declines. districts.. Merchandise inventories of department stores Total sales continued in about the same increased 5 per cent in February, .and at the volume as in February of last year, declines end of the month were 3 per cent larger than occurring In sales of groceries, dry goods, and a year earlier. In February retail merchants hardware and increases in those of meats, usually increase their stocks in anticipation of shoes, and drugs. Grocery and hardware the expansion in the volume of spring trade, sales were smaller in nearly all Federal reserve but the increase this year was not as large as districts except in the Atlanta and Dallas that which usually occurs. As compared with districts, and sales of dry goods were smaller February of last year, department-store stocks In seven districts. Shoe sales were larger were larger in all Federal reserve districts exin all districts except four, the largest increases cept Boston, Cleveland, Minneapolis, and Daloccurring in the Boston, Atlanta, and St. las, the most substantial increases occurring Louis reserve districts. at stores in the Chicago and San Francisco Merchandise inventories of wholesale firms Federal reserve districts. increased in February in all leading lines, but Analysis of changes in inventories of separate a large part of this increase was in accordance departments at the reporting stores in. seven with the usual seasonal developments. Com- districts shows that the largest increases In pared with February of last year inventories stocks as compared with February of last year were lower In nearly all lines, but the most were at departments selling .silks and velvets, substantial reductions occurred in the stocks women's coats, juniors' and girls' ready-toof shoes, which varied from 4 per cent in the wear, furniture and bedding, and luggage, whHe Richmond district to more than 33 per cent those carrying woolen dress goods, cotton dress in the Chicago district. Reports from several goods, neckwear and veilings, ribbons, women's districts indicate that accounts receivable suits and skirts, waists and blouses, and sweatat wholesale grocery, dry goods, and hardware ers showed the most substantial declines. firms were smaller at the end of February The rate at which stocks at department than last year and that those of shoe and drug stores were turned over was slightly slower firms were larger. than in February of last-year, due largely to a slightly larger Increase In stocks than In Retail trade. sales. For the first two months of the year, Total sales at retail stores reporting.to the however, the rate of turnover for the country Federal reserve system from all sections of the as a whole was about the same as in 1925. country were smaller in February than in January, but, when allowance Is made for the smaller EMPLOYMENT^ number of days In February, trade at department stores and mail-order houses and at Employment and pay rolls In manufacturing nearly all reporting chain stores was main- industries recovered In February from the tained at a slightly higher level than In January. seasonal decrease noted in the preceding month, When compared with February of last year, and the board's indexes again reached the high sales at department stores were about 3 per levels attained during the late months of 1925* cent and those of mail-order houses 6 per cent Both Indexes were higher than In February larger, and for the first two months of the of last year, although somewhat lower than In' year, January and February, trade at these the same month of 1924. stores exceeded that of last year by 4 per cent Increases as compared with January were and 7 per cent respectively. February sales rather general among the various industries. of department stores, however, were not larger Declines noted in some of the food-products than in 1925 in all Federal reserve districts, and building-material industries were mainly declines occurring in three eastern and two seasonal in nature, and the large decreases in mid-western districts. In individual depart- the woolen and worsted goods industry may ments the most substantial Increases over Feb- be mostly attributed to. a . strike in certain ruary of last year were In sales of handker- New-Jersey nulls. The greatest increases were chiefs, furs, gloves, knit underwear, shoes, in automobiles, sugar refining, men's and toys and sporting goods, and luggage. De- women's clothing, shoes, and pottery. As partments of these stores selling woolen dress compared with February, 1925, the iron and goods, laces trimmings, and embroidery, ribbons, steel, lumber and products, paper and print™ ? Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

244 FEDERAL RESEEVE BULLETIN APRIL, 1926 ing, and stone, clay, and glass products groups COMMERCIAL FAILURES AND BANK SUSshowed noteworthy increases in pay rolls, PENSIONS while declines were noted in the textile, leather, COMMERCIAL FAILURES and tobacco groups. During the short month of February 1,801 PRICES commercial failures, involving indebtedness The wholesale price index of the Bureau of aggregating $34,176,348, were reported by Labor Statistics for February stood at 155, R. G. Dun & Co. There was a decrease of compared with 156 for January. With the about 22 per cent in both number and liabilities exception of "fuel and lighting," every group for that month as compared with January, showed a decline from the previous month, during which month the number of insolvencies the greatest fall being in " foods" and in the is usually at the high point for the year and group of miscellaneous commodities. Fuels the total indebtedness is also relatively large. were higher, reflecting advanced quotations As compared with totals for February of for coke and petroleum. previous years, the number of failures in that The decline in prices in February brought month this year was the highest since February the index to approximately the same figure as in 1922, and the aggregate indebtedness, 15 that of May, 1925, which was the lowest of per cent lower than in February last year, was last year. The prices of most of the different the lowest for that month since 1920. The groups of commodities are also at about the number of failures this year was smaller than same levels as in May, 1925, This is true of in February last year for trading organizations the food, metal, farm products, chemical, and for agents and brokers, but was larger building material, and miscellaneous groups. for manufacturing class of enterprise; total The cloth and clothing group and that of house liabilities were smaller for all three classes, furnishings are considerably lower, however, the most marked decline from last year being the latter now standing at the lowest level in the liabilities of manufacturing enterprises, since March, 1919. Fuels only were noticeably among which there were fewer large failures, higher than last May, principally on account of with smaller average liabilities, this year than higher prices for coke and crude petroleum, last. Failures during February, 1926, are although gasoline is somewhat lower. shown in the following table, by class of In the first three months following last May, enterprise: the general index rose from 155 (May) to 160 (August), falling again to 155 in February COMMERCIAL FAILURES DURING FEBRUARY of this year. This advance and decline of the all-commodity index has not typified the move- Number Liabilities ment of commodity prices in general so much Class of enterprise as the specific fluctuations of the farm prod- 1926 1925 1926 1925 ucts group and the accompanying movement of the foods groups. Throughout the period All classes.____._. 1,801 1,793 34,176,348 40,123,017 the cloth and clothing group and that of Manufacturing 447 409 10,822,319 15,334,214 house furnishings have declined almost con- Trading „.„._.. 1,282 1,285 20,317,275 21,066,839 tinuously, although the net change has not Agents, brokers, etc.._. _ 72 99 3,036,754 3,721,964 been great, while fuels have advanced in about the same degree, and building materials, which The number of failures was smaller in Februfell in the first half of 1925, have since risen to ary than in January in all districts except the the level of a year ago The metal and chem- Philadelphia, Atlanta, and San Francisco dise ical groups show little net change, the former tricts, and was lower also than in February being slightly higher and the latter a little last year in all except the Philadelphia, Clevelower than last year. land, and San Francisco districts. Total Changes during the month of March were liabilities were lower in February than in smaller than those of February. Corn, cattle, January in all except the Philadelphia, Atlanta, and sheep were somewhat lower, as well as St. Louis, and San Francisco districts, and were raw textile materials, including cotton, wool, lower than in February last year in all except and silk. Changes among the other principal the Boston, Cleveland, Atlanta, Chicago, and commodities were few and unimportant, ex- San Francisco districts. Comparative data, cept in rubber and cottonseed oil, which were by districts, for the month of February are up somewhat from the February quotations. presented in the table following. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL' RESERVE BULLETIN 245 APBIL/1926 COMMERCIAL FAILURES DURING FEBRUARY, BY BANKS CLOSED DURING FEBRUARY, 1926 FEDERAL RESERVE DISTRICTS All banks Member * Nonmember Number Liabilities Feder d a i l s tr r i e c s t erve Num- Total Num- Total Num- Total Federal reserve district ber deposits 2 ber deposits 2 ber deposits 2 1926 1925 1926 1925 All districts— 52 $13,808,000 10 $3,629,000 $10,179,000 Total.. 1,801 1,793 $34,176,348 $40,123,017 Richmond 105,000 105,000 Atlanta- 694,000 415,000 279,000 Boston...... 170 173 2,338,036 2,095,778 Chicago. 2,347,000 2,347,000 New York 308 324 6,174,315 13,046,091 St. Louis 1,013,000 217,000 796,000 Philadelphia. . „ 93 72 2,104,852 2,162,977 Minneapolis 5,910,000 1,263,000 4,647,000 Cleveland . . 188 120 3,966,625 2,057,013 Kansas City 2,193,000 662,000 1, 531,000 Richmond 118 121 1,845,307 3,690,398 Dallas 474,000 474,000 Atlanta.. _ _ 100 124 1,762,288 1,596,383 San Francisco... 1,072,000 1,072,000 Chicago...„ 252 287 7,729,996 5,464,081 St. Louis 100 107 3,186,884 3,343,246 1 Comprises 8 national banks with deposits of $2,997,000 and 2 State Minneapolis 85 92 843,138 1,548,919 member banks with deposits of $632,000. Kansas City 87 90 703,410 1,093,915 2 Figures represent deposits for the latest available date prior to the Dallas 62 79 669,997 1,670,801 suspension, and are subject to revision when information for the date ol San Francisco.. 238 204 2,851,500 2,353,415 suspension becomes available. FOREIGN TRADE BANK SUSPENSIONS Total Imports and exports of merchandise and the merchandise trade balance of the United During February 52 banks, with total deposits States by months in 1925 and 1926, also the of $13,808,000, were reported to the Federal trade balance, including imports and exports reserve banks as having been closed on account of gold and silver, for the two months ended of financial difficulties. These totals are lower February, 1925 and 1926, are shown In the than for the preceding month, when there were tables following: 63 closed banks, with deposits of $16,653,000, and lower also than in February, 1925, when 60 MERCHANDISE TRADE BALANCE OF THE UNITED banks, with deposits of $15,324,000, suspended STATES > operations. Of the banks reported as closed in [In thousands of dollars] February this year, 8 with deposits of $2,997,000 were national banks and 2 with deposits of Month Imports Exports E im xc p e o ss r t o s f E e x x c p e o ss r ts of $632,000 were member State banks—a total of 1925 10 member banks with deposits of $3,629,000, Year 4,227,279 4,909,845 684,434 as compared with 11 member banks with de- January...... 346,165 446,443 100,278 posits of $5,373,000 in January. There were February _ 333,387 370,676 :::::::::::: 37,289 March 385,379 453,653 68,274 42 nonmember banks with deposits of $10,179,- April .... 346,091 398,255 52.164 000 that suspended in February, as against 52 May..,, _ 327,519 370,945 43*426 June 325,216 323,348 1,868 with deposits of $11,280,000 the month before. July 325,648 339,660 14,012 August.. ._ 340,086 379,823 39,737 Suspensions were most numerous in the Min- September.. _ 349,954 420,368 70,414 neapolis and Chicago districts, and, within October.. 374,074 490,567 116,493 November.. 376,431 447,804 71,373 these districts, the largest numbers were in the December 396,640 468,306 71,666 States of Iowa, Minnesota, and North Dakota. 1926 Three banks in the Minneapolis district and one J F a e n b u ru a a ry ry ... __ _ . 4 38 1 8 6 , , 7 5 6 0 7 3 3 3 9 5 7 2 , , 1 9 9 1 6 7 3 1 5 9 , , 5 5 6 8 9 6 in the Kansas City district^ which had previously been closed^ were reported to have re- TRADE BALANCE OP THE UNITED STATES FOR TWO sumed operations during the month. The MONTHS ENDED FEBRUARY, 1925 AND 1926 number and deposits of banks closed during [In thousands of dollars] February, 1926, are shown in the following Total ch M an e d r i - se Gold Silver table, by class of bank; the figures for closed banks represent so far as can be determined 1925 Imports ___ 700,461 679,552 8,641 12,268 banks which have been closed to the public hj Exports 954,463 817,119 124,126 18,218 order of supervisory authorities, or by the di- Net imports (—) or exrectors of the bank on account of financial dif- ports (+) +259,003 +137,567 +115,485 +5, 950 1926 ficulties, and it is not known how many of the Imports.... 864,663 805,270 44,767 14,626 Institutions thus reported may ultimately prove Exports..... _.._ 774, 566 750,113 6,938 17,515 to be solvent: Net imports (—) or exports (+)_ -90,097 -55,157 -37,829 +2,889 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

246 FEDERAL. RESERVE BULLETIN APRIL, 1926 GOLD MOVEMENTS GOLD IMPORTS INTO AND EXPORTS PROM GREAT BRITAIN—Continued UNITED STATES Total Imports and exports of gold during 2 months ended February and January, 1926, by countries of Country of origin or 1926 February— destination origin or destination, and comparative figures February January 1926 1925 for the two months ended February, 1926 and 1925, are shown in the following table: EXPORTS GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED Total £1,563,808 £2,447,525 £4,011,333 £8,622, 025 STATES Belgium __ 8,175 8,175 88,453 [In thousands of dollars] British India 522,851 158,324 681,175 5,500,515 Egypt 8,150 8,150 135,461 1926 2 m Fe o b n r t u h a s r y en — ded F N r e a t n h c e e rlands 1 7 6 8 3 , , 9 0 6 9 6 7 1,69 5 4 0 , , 6 1 4 5 2 9 1,7 2 7 1 3 3 , , 6 2 0 5 8 6 4 3 6 4 8 , , 1 3 1 6 4 9 Country of origin or Russia . 327,052 destination Straits Settlements.„.. 102,660 333,281 435,941 9,500 Switzerland 13,600 13, 600 3,500 February January 1926 1925 West Africa 480 929 1,409 37,927 South America 44,000 30,000 74,000 Allother 651, 754 150,265 802, 019 2, 017,134 IMPOETS Net exports Total - 25,416 19,351 44,767 ' 8,640 Net imports 1,889,991 2, 077,050 3, 967,041 1,942,458 England.. .._— 5 3 8 130 France 19 52 71 71 FOREIGN EXCHANGE Canada-=----=---- 9,826 17, 839 27, 665 5,532 Mexico _- -- 286 539 825 911 The decline in sterling, which, began on Feb- Chile _._—-_—•_ 9,753 37 9,790 Peru 668 122 790 ruary 18 with sterling quoted at $4.8641, came Japan 4,000 4,000 to an end on March' 2, with sterling quoted at All other.— - 859 759 1,618 1,996 $4.8573. On March 10 a definite upward EXPOKTS movement carried it to $4.8621, and again/ Total-.-— 3,851 3,087 6, 938 124,126 after a slight recession, to $4.8627 on the 23d, England 6,110 after which it maintained. a level of about France - -- 18 18 1,339 Germany 113 398 541 30, 010 $4.8623 . for the remainder of the month. Netherlands 4,318 French exchange continued its gradual down- Canada.-— _ 25 69 94 119 Central America„___»_ 1,014 1 014 ward movement, touching 3.43 cents on Mexico 448 565 1,013 740 Argentina 51 51 210 March 29. The Belgian franc, after having Venezuela.,.-- 800 500 1,300 been steady at between 4*53 and 4.55 cents British India 312 43 355 52, 694 British Malaya._._— 326 991 1,317 since the beginning of October last, declined Hongkong.—— 566 226 792 1,482 Australia 23,147 on March 15 to 4.17 cents, again on the 17th to All other— 217 226 443 3,957 4.02 cents, and declined to 3.69 cents on the Net imports 21,565 16,264 37, 829 30th. ' It was reported from.London that the Net exDorts 115,486 Belgian Government had withdrawn its support from the exchange and that difficulties' had GREAT BRITAIN arisen in connection with the floating of a Following is a table showing gold imports stabilization loan. Italian lire maintained into and exports from Great Britain for their, level at about 4.02 cents. . The Danish February and January, 1926, and for two krone, which during February had twice passed months ended February, 1926 and 1925: above 26 cents, rose to 26.26 cents on March 13, the highest quotation since January, 1919, GOLD IMPORTS INTO AND EXPORTS FROM GREAT and thereafter averaged about 26.22 cents. BRITAIN The Norwegian krone rose from 21.12 cents 2 months ended on March 4 to 21.83 on the. 13th, the highest Country of origin or 1926 February— point touched since November, 1919; declined destination February January 1926 1925 to 21.31 on the 18th and rallied to 21.60 on the 27th. The Polish zloty continued its IMPORTS downward movement, declining from 13.16 Total—. £3,453,799 £4,524,575 £7,978,374 £6,679,567 cents'-on March 1 to 12.41 on the 18th, but Belgium-L——..—— 595,736 595,736 rallying .to 12.69 cents on the 20th. The Russia...—____-•___—. 511, 515 1,920,285 2,431,800 268 Polish Finance Minister has announced that RhodesiaJ .-._ 181, 922 182,474 364,396 378,083 Transvaal 2,695,714 1,677,003 4,372,717 1,806, 795 he will not. attempt to reestablish "the parity U W n e i s t t e d A f S ri t c a a tes.. 54 3 , , 8 2 0 4 1 7 136,8 4 0 1 8 2 19 4 1 , , 2 0 1 5 3 5 4,2 1 0 7 8 7 , , 8 7 4 5 9 8 of the zloty at 19.30 cents, but will try to All other _ 6,600 11,857 18,457 107,814 bring about stabilization at its present level Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APBIL, 1926 FEDERAL BESEBVE BULLETIN 247 (about 12.50 cents). ^Netherlands florins, 72.29 cents on March 31 and averaged 72.71 Spanish pesetas,- Swedish' kronor, and Swiss cents for . March, • compared with 73.75 cents francs were very steady as was also the for February and 74.75 cents for January. ? Canadian dollar^ although the last named Indian rupees declined from 36.79 cents on currency Is about one-half cent below the February 4 to 36,30 cents on March 31 and high levels reached last October and November. averaged slightly lower during March than The downward movement of the Argentine during February. • Seso/which began on February 13, continued FOREIGN EXCHANGE RATES uiing the first half of March, The peso declined [In cents] from 93,22 cents on February 13 to 88.07 cents on March. 16, but rallied to 90.21 cents on the March, 1926 February, 1926 Feb- 29th.: Brazilian milrels declined from 14* 74 cents ru- Par ary, on March 1 to 14«08 cents on the 31st, while Exchange value 1925; Chilean pesos stood at more than 99 per cent of Low High Low High Aver- avertheir new parity. The Uruguayan peso declined from ^1.0337 "on February 18. to $1.0155 on Sterling _. . 486.65 485. 73 486.27 486. 04 486. 51 486.34 477.24 March 17 and averaged $1.0218 during March, Belgian franc... 19.30 3.69 4.54 4.54 4.55 4.54 5.08 compared with $1.0311 during February, D Fr a e n n i c s h h f k r r a o n n c e . . __ 2 1 6 9 . . 8 3 0 0 2 3 5 . . 4 9 3 0 2 3 6 . . 7 2 3 6 2 3 4 . . 5 6 5 1 2 3 6 . . 7 0 6 4 2 3 5 . . 6 3 8 8 1 5 7 . . 2 8 8 1 Japanese yen, after having reached 46.32 German reichsmark 23.82 23.80 23.81 23.80 23.81 23.81 23.80 Italian lira..„-_._.__ 19.30 4.00 4.02 4.01 4.04 4.03 4.11 cents on February 20 declined to 44.82 cents Netherlands florin.. 40.20 40.02 40.10 40.04 40.14 40.08 40.17 ? Swedish krona....__ 26.80 26.80 26.82 26.76 26.83 26.78 26.94 on March 8, but rallied to 45,94 on the 31st. Swiss franc 19.30 19.24 19. 2619.24 19.29 19.26 19.26 The Shanghai tael, which has shown a steady Canadian dollar.... 100. 00 99.41 99. 8499.57 99.79 99,65 Argentine peso 96.48 88.07 92.55 92.71 94.10 93.27 90.33 'downward movement since last September, Shanghai tael... 66.85 72.29 73.04 72.77 74.30 73.74 75.26 when It had risen to. 79.59 cents, declined to Japanese yen 49. 85 44.82 45.94 44.85 46.32 45.40 39.08 BANK SUSPENSIONS IN 1924 AND 1925 A survey of bank suspensions in 1924 and BANK SUSPENSIONS DURING 1924 AND 1925 1925 naade during the past year shows that in " [Amounts in thousands of dollars] 1925, 612. banks, with deposits of $172,900,000, , suspended "operations, compared with 777 banks, with deposits of $213,444,000, in 1924. Banks suspending in the period Ratios from Jan. 1, 1924, to Dec. 31, 1925 (per cent) Of the banks suspending in 1925, 146 with deposits of $67,264,000, were member banks Numn a o nd n m 4 e 6 m 6, b e w r it b h a n d k ep s. o si T ts h e o f b $ o 1 a 0 r 5 d , ' 6 s 36 r , e 0 p 0 o 0 r , t s w o er n e Number Total deposits * p b s e e u r n s d - o - f o p f D o s s e u i - t s s bank suspensions cover all banks in the coun- ing pendbanks ing try, whether incorporated or unincorporated, to banks w fin h a ic n h c ia w l e d re if f c ic lo u s lt e i d es , t o a n th d e it p u is b l n ic o t o n k n a o c w co n u n h t o o w f 1924 1925 Total 1924 1925 Total b n t e o u r m t a o - l f p t o o o f s d a i e l t l s banks2banks» many of the institutions thus reported may ultimately prove to be solvent or may be re- All banks in Unitstored to solvency. The record of suspensions | ed States _______ 612 1,389 213,444 172,900 386,344 4.6 0.88. during 1924 and 1925 is summarized, by class Member banks 146 305 74,469 _., 1,733 3.1 .52 of banks and by geographic divisions, in the National . 240 60,889 58,537 119,426 2.9 '.71 State—. 65 13,580 8,727 22,307 4.0 .22 accompanying table. Nonmember banks. 466 1,084 138,975 105,636 244,611 5.3 1.44 The 1,389: banks, with deposits of $386,344,- 000, that suspended during these two years GEOGRAPHIC DIVI- SIONS were for the most part nonmember banks. New England Among member banks, which constitute about States 1,605 1,: 2,903 .06 one-third of the number and hold nearly two- Eastern States _____ 18 2,647 11,845 14,492 ,5 ..08 Southern States.___ 312 25,335 34,395 59,730 4.4 1.35 thirds of the deposits of all banks in the coun- Middle Western try; there were 305 suspensions, involving W S es t t a e t r e n s S .. ta .. t . e . s —... 4 5 3 7 3 0 1 7 0 5 1 , , 3 8 5 0 6 8 6 56 0 , , 4 3 9 9 8 3 1 1 5 3 8 5 , , 3 7 0 4 6 9 • 9 4. . 7 0 7 1 . .2 0 0 7 deposits of $141,733,0(30. The number of Pacific States. _____ 53 6,693 8,471 15,164 3.0 .44 member banks which suspended was thus about 1 Deposits are for 770 banks in 1924 and 604 in 1925, figures not being 22 per cent and their deposits about 37 per available for 15 banks. cent of the total number and deposits oi all 2 Number of banks that suspended in 1924 and 1925, and amount of their deposits at the time of suspension, compared with the number and banks which suspended during the period. deposits of all banks as of June 30,1923, the latest available date prior to the period covered in the table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

248 FEDERAL RESERVE BULLETIN APRIL, 1926 The number of member banks that suspended BANK SUSPENSIONS DURING 1924 AND 1925, BY SIZE during the two years constituted 3.1 per cent OF BANK of all member banks in operation at the beginning of the period, while the number of non- Total Number of banks with capital stock num- of—• member banks that suspended was 5.3 per cent ber of of the total number of nonmember banks. Federal reserve district p su en s- - $2 a 5 n , d 000$25 to ,001$50 to ,000$10 t 0 o ,000$20 t 0 o ,000 Total deposits of suspending member banks sions less $49,999$99,000$199,999$500,000 represented 0.50 per cent of the deposits of Boston _ 3 2 1 all member banks, whereas the deposits of New York 6 6 Philadelphia.- 5 3 1 1 suspending nonmember banks were 1.44 per Cleveland 20 16 3 1 Richmond Mil 58 16 25 11 cent of the deposits of all nonmember banks. Atlanta 92 54 8 18 9 3 Suspensions occurred during these two years Chicago 2 217 114 19 48 22 7 St. Louis 106 77 6 15 4 4 in nearly all States of the country, but the Minneapolis 463 349 26 67 16 5 Kansas City. 210 137 13 38 16 6 greater proportion were in Western, Middle Dallas 103 47 10 25 15 6 Western, and Southern States. Suspensions San Francisco 53 22 3 22 6 among member as well as nonmember banks Total..... !»2I,389 880 101 263 104 33 Per cent of total number- 100 63.4 7.3 18.9 7.5 2.4 were most numerous in the Western States, Cumulative per cent of which include North Dakota, South Dakota, total number 100 63.4 70.7 89.6 97.1 99.5 Nebraska, Kansas, Montana, Wyoming, Colo- 1 Includes 1 bank for which figure for capital is not available. rado, New Mexico, and Oklahoma. £1 these 2 Includes 7 banks for which no figure for capital is available. Western States the banks that suspended during 1924 and 1925 were nearly 10 percent Although a large proportion of the suspendof all banks and had deposits which were more ing banks were small institutions, it should be than 7 per cent of the deposits of all banks; noted that most of the banks of the country are the number of member banks that suspended relatively small banks and that the proportion was more than 8 per cent and their deposits of small banks is largest in those regions in more than 5 per cent of the number and de- which most of the suspensions occurred. These posits of member banks, while suspending non- facts are brought out by the accompanying member banks were more than 10 per cent of table, which gives average capital per bank and the number and had more than 9 per cent of average deposits per bank, both for suspending the deposits of nonmember banks in these same banks and for all banks, in each of the geo- States. More than one-half of the total num- graphic divisions of the country and in the six ber of suspensions during these two years were States in which suspensions were most nuin the six States of Minnesota, Iowa, Missouri, merous. North Dakota, South Dakota, and Oklahoma, while more than 80 per cent of the suspen- AVERAGE SIZE OP SUSPENDING BANKS AND ALL BANKS sions were in these and the nine States of Average amount T N e o x r a th s, N C e a b r r o a l s i k n a a , , K S a o n u sa th s, M C o a n ro ta li n n a a , , W G yo e m or i g n i g a , , Num- of c b a a p n it k a * l per Ave p r e a r g e b a d n ep k o l sits ber of and New Mexico. suspen- Banks Banks and T h 1 e 9 2 b 5 a n w k e s r e w fo hi r c h th e s u m sp o e st n d p e a d r t b s o m th al l in in s 1 t 9 it 2 u 4 - s 1 1 a io 9 9 n 2 n 2 d s 4 5 , i p n 1 s e g u 9 n 2 s d i - 4 n - b ( A a Ju n l n l k e s i p n s 1 e g u 9 n 2 s d i - 4 n - (J b u a A n n e l k l 3 s 0, tions. This is shown in the accompanying and 30,1923) and 1923) 1925 1925 table, in which the banks that suspended during the two years are classified for each Federal Total, United States 1,389 $38,243 $100,136 $281,182 $1,462,983 reserve district according to the amount of New England States 3 91,667 168,458 967,667 4,449,666 their capital stock; the distribution of suspend- Eastern States 18 71,471 260,647 852, 471 4,990,361 Southern States 312 43,048 73,160 192,677 624,150 ing banks among these classes was approxi- Middle Western States.. 433 38,406 84,970 322,444 1,050,344 mately the same for each year. The table Minnesota 105 33,390 49,970 396,810 633,445 Iowa 167 47,909 48,267 368,826 554,308 shows that in the two years taken together Missouri 88 30,034 70,612 216,318 736, 541 Western States..- 570 33,333 36,817 277,730 382,988 more than 63 per cent of the banks that North Dakota 108 19,352 22,019 149, 787 201, 304 suspended had capital of $25,000 or less, and South Dakota. 175 29,469 27,684 317,320 340,189 Oklahoma 70 31,814 42,983 262,557 440,366 nearly 71 per cent had capital of less than Pacific States 53 •47,774 144,955 286,113 1,959,283 $50,000; only about 10 per cent of the banks had capital of $100,000 or more. * Figures for capital of 8 banks and for deposits of 15 banks were not available; averages are for banks for which figures were available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1926 FEDERAL RESERVE BULLETIN 249 The table shows that the average bank in the Missouri and Oklahoma, and compared with United States has a capital of about$100,000 and an average of about 4,000 for the country as deposits of about $l 500000 while the banks a whole. ' A classification of the banks that ? ; ? that suspended in 1924 and 1925 averaged less suspended during the two years according than $40,000 capital and about $230,000 to the size of the centers in which they were deposits. But in the Western States, where located shows that 40 per cent of these banks/ suspensions were relatively numerous, the were in towns with a population of less than average bank has about $37,000 capital and less 500, 80 per cent were in towns with a poputhan $400,000 deposits and the suspended lation of less than 2,500, and 96 per cent were .banks had, on the average, .about $33,000 in towns of less than 25,000 population. In capital and about $275,000 of deposits. Thus, the following table bank suspensions for 1924 the banks that suspended in this section were and 1925 are classified for the major geographic somewhat more nearly comparable in size to divisions of the country, by size of the centers the average bank in this particular section. in which the.banks were located: In South Dakota, where suspensions were more numerous than in any other State, the BANK SUSPENSIONS DURING 1924 AND 1925, BY SIZE average suspending bank had capital slightly OF TOWN OR CITY larger and deposits but slightly 'smaller than the average bank of the State, and in North Total Number of bank suspensions In vilnum- lages, towns, and cities with popu- Dakota the banks that suspended did not differ ber lation of — appreciably in average size from the other of susbanks in these States. pensions, Less 500 1,0001,5002,500 5,000 26,000 The sections of the country in which suspen- 1924 than to to to to to and sions were most numerous were also the sections and 500 999 1,4992,4994,99924,999 over 1925 in which the number of banks was relatively large in proportion to the population and in New England States.... 3 1 2 which the communities served by banks are of Eastern States 18 1 1 1 1 3 11 relatively small size. There was one bank to M So i u d t d h l e e r n W S e t s a t t e e r s n - _ S _ t ates. _ .. 3 4 1 3 2 3 1 1 0 7 3 7 7 9 9 4 "~° 3 33 6 3 4 2 1 3 37 1 2 2 6 9 p 1 « 9 about 7,300 people in the New England and Western States- 570 267 106 63 48 33 38 16 Pacific States 53 12 8 6 9 14 3 1 Eastern States; compared with one bank to Total United States. 1,389 561 288 138 131 115 101 55 about 1,500 to 2,900 people for the Western and Middle Western States. In the six States Per cent of total number. 100 40.4 20.7 9.9 9.4 8.3 7.3 4.0 Cumulative per cent of in which suspensions were most numerous in total number 100 40.4 61.1 71.0 80.4 88.7 96.0 100 1924 and 1925—Iowa, Missouri, Minnesota, North Dakota, South Dakota, and Oklahoma— The number and deposits of banks that susthe average number of people to each bank pended in 1924 and 1925 are presented in the ranged from about 800 and 960 in North Da- table on the following page by class of bank ? kota and South Dakota to 2,100 and 2,400 in and by Federal reserve, districts. 88806—26t- 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

250 FEDERAL RESERVE BULLETIN APRIL, 1926 NUMBER AND DEPOSITS OF BANKS SUSPENDING IN 1924 AND 1925, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars) Number of suspending banks Deposits of suspending banks Federal reserve district Member banks Member banks Non- Non- Total member Total member National State Total banks National State Total banks All districts: 1925 .... _ .. . _ . 612 118 28 146 466 172,900 58,537 8,727 67,264 105,636 1924 777 122 37 159 618 213,444 60,889 13, 580 74,469 138,975 Boston: 1925 _.. 2 2 1,298 1,298 1924 1 1 1 1,605 1,605 1,605 New York: 1925 .... 1924 6 1 1 5 1,746 765 765 981 Philadelphia: 1925 . . 3 3 2,665 2,665 1924 2 1 1 1 901 247 247 654 Cleveland: 1925 14 3 3 11 9,624 3,621 3,621 6,003 1924 6 6 1,137 1,137 Richmond: 1925 68 10 1 11 57 13,182 3,528 107 3,635 9,547 1924 43 3 1 4 39 5,822 1,243 299 1,542 4,280 Atlanta: ' 1925 44 10 5 15 29 6,079 2, 782 1,118 3,900 2,179 1924 48 4 9 13 35 5,002 1,035 833 1,868 3,134 Chicago: 1925 109 16 8 24 85 34,126 7,658 4,744 12, 402 21, 724 1924 108 6 16 92 36,950 4,868 3,364 8,232 28, 718 St. Louis: 1925 53 1 1 52 11, 942 26 26 11,916 1924 ... 53 1 2 3 50 13,674 618 753 1,369 12,305 Minneapolis: 1925 168 44 5 49 119 44,985 17, 806 736 18, 542 26, 443 1924 295 49 9 58 237 85, 539 19, 764 6,187 25, 951 59, 588 Kansas City: 1925 77 16 16 61 28, 698 16, 410 16,410 12, 288 1924 . 133 30 2 32 101 34, 763 15,984 572 16,556 18, 207 Dallas: 1925 50 10 5 15 35 11, 830 4,011 1,630 5,641 6,189 1924 __ 53 16 3 19 34 19, 612 12, 325 1,382 13, 707 5,905 San Francisco: 1925 „ . ... 24 9 3 12 12 8,471 2,721 366 3,087 5,384 1924 29 10 1 11 18 6,693 2,437 190 2,627 4,066 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APKIL, 1926 FEDERAL BESEBVE BULLETIN 251 RULINGS OF THE FEDERAL RESERVE BOARD Eligibility for discount of factors9 notes covering ad- growers may also be engaged in producing vances to producers of eggs, poultry, and butter. products which can not properly be considered The Federal Reserve Board lias recently been agricultural products in their raw. state and requested to rule upon certain questions arising regardless of the kinds of products securing under that provision of the second paragraph the advances made by the factors* of section 13 of the Federal reserve act which . Applying these principles to the facts of this makes eligible for discount at a Federal reserve particular inquiry, the board ruled that the bank the notes, drafts, and bills of exchange "of notes of such a cold-storage and warehouse factors issued as such making advances exclu- company issued in its capacity as factor are sively to producers of staple agricultural prod- eligible for rediscount at a Federal reserve ucts in their raw state/7 It appears that a bank, provided that the proceeds of the notes certain cold-storage and warehouse company are used by the factor in making advances exwhich is engaged in business as a factor makes clusively to producers of eggs and poultry or advances to farmers who consign to the com- other staple agricultural products in their pany chickens, eggs, and butter to be stored in raw state and the notes comply in all other the company's warehouse. The advances are respects with the relevant provisions of the made .pending the sale of these products by the law and the board's regulations. company for the account of the farmers. The In the opinion of the board butter is not a question presented is. whether or not the notes staple agricultural product in its raw state; of this warehouse company issued in its capac- but this does not affect the eligibility of notes ity as factor for the purpose of making advances of factors covering advances to farmers, dairyexclusively to producers of eggs, poultry, and men, or livestock growers who produce butter, butter should be considered eligible for discount because any member of this class is, of course, at a Federal reserve bank. engaged in the production of some agricultural Inasmuch as the warehouse company in this products in their raw state even though he case is a factor, the only question to. be decided also produces butter. The board holds, howis whether the advances made by the company ever, that the notes of a factor covering ad- . • to its customers from the proceeds of these vances to those engaged in the commercial notes are advances to "producers of staple production of butter with cream purchased agricultural products in their raw state." In from others are ineligible for rediscount, unless considering this question it is important to note the persons so engaged are also producers of that the test of eligibility.of paper of this kind some staple agricultural products in their raw is to be found in the character of the person state. The paper of a factor issued as such to whom the advances are made rather than iri for the purpose of making advances exclusively the kind of products securing these advances. to creameries or dairies, therefore, would If the advances are made to any person of the ordinarily be ineligible for rediscount under class described by the term "producers of staple this provision of the law. agricultural products in their raw state," the In this connection it also seems appropriate notes given by the factor may be eligible for to jixention a ruling made by the board prior discount, regardless of whether the products to 'the date of the amendment to the law by which particular advances are secured are or regarding factors7 paper, which holds that are not agricultural products in their raw state while the notes of a cold-storage company itself or whether the advances are secured at all. are ineligible for rediscount because the pro- Broadly speaking, the term "producers of ceeds are used to make loans to third parties, staple agricultural products in their raw state7' the notes of the customers of the cold-storage is synonymous with farmers, dairymen, and company representing loans made to them by livestock growers and, therefore, the notes of the company, when indorsed and discounted factors issued as such for funds to be used in by the company, would be eligible for redismaking advances exclusively to this class of count by a member bank at a Federal reserve producers will be eligible for rediscount at a bank, provided that the customers have used Federal reserve bank; and this is true even or are to use the proceeds for agricultural or though these farmers, dairymen, or livestock commercial purposes and provided also that Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

252 FEDERAL RESERVE BULLETIN APRIL,, 1926? the notes comply in other respects with the If the paper is otherwise eligible this provision provisions of the. law and the regulations of of the board's regulations would not prevent its the Federal Keserve Board. (See 1921 Bul- rediscount by a member bank. letin, page 308.) Under this ruling, of course, The ^ question whether a note made by a cothe notes of the customers of a factor may be operative marketing association and indorsed eligible for rediscount without regard to the by a Federal intermediate credit bank is eligible provisions of the second paragraph of section for rediscount at a Federal reserve bank, when 13 of the Federal reserve act providing for the offered by a member bank, is to be determined rediscount of factors7 paper. by the purpose for which it was issued or the use made of its proceeds and is not affected by the fact that it is indorsed by a Federal intermediate credit bank (except for the prohibi- Eligibility for rediscount at a Federal reserve bank of notes made or Indorsed by a Federal intermediate tion contained in section 19 which is discussed credit bank when offered fey a member bank below). As the board has ruled heretofore, it The Federal Reserve Board has been re- is the purpose of the original negotiation which quested to rule upon the eligibility for redis- is determinative of the eligibility of a note for count at a Federal reserve bank of a note of a rediscount. In the fourth paragraph of section Federal intermediate credit bank and also of a 13 (a) of the act, it is provided that a note isnote made by a cooperative marketing asso- sued by a cooperative marketing association ciation and indorsed by a Federal intermediate shall be deemed to have been issued for an agcredit bank. In each case the note is offered ricultural purpose if its proceeds have been or for rediscount by a member bank which has are to be used for certain specified purposes. discounted it for the Federal intermediate If, therefore, a note made by a cooperative credit bank. marketing association has been issued for one of the purposes so enumerated, or majr be oth- It was suggested to the board that if such er-wise considered agricultural paper, it is elipaper is eligible for rediscount, the provision of gible for rediscount at a Federal reserve bank the board's Regulation A, which prohibits a when offered by a member bank, regardless of Federal reserve bank to discount paper for any the fact that it may have been discounted, by Federal intermediate credit bank when its own the member bank for a Federal intermediate reserves are less than 50 per cent of its aggrecredit bank. Of course, it is necessary that gate liabilities for deposits and Federal reserve the note comply in all other respects with the notes, might be circumvented and a Federal pertinent provisions, of the Federal reserve act intermediate credit bank might obtain acand the board's regulations. commodation indirectly from a Federal reserve bank even though the Federal reserve bank's While in theory the general principles reserve might be less than 50 per cent. The applicable in determining the eligibility of principle underlying this provision of the regu- other paper would govern the eligibility of a lation, however, is that member banks are en- note made by a Federal intermediate credit titled to preferential treatment in the matter bank when offered for rediscount by a memof receiving credit accommodations from the ber bank, as a practical matter, since Federal Federal reserve bank because they contribute intermediate credit banks are not ordinarily to the resources of the Federal reserve banks engaged in commercial, agricultural, or indusand their credit facilities ought not to be cur- trial pursuits but in the business of lending tailed in any way through the extension of money, it seems almost certain that such a credit to Federal intermediate credit banks, note would not be issued for an eligible purwhich contribute nothing to the resources of pose but for the purpose of obtaining funds the Federal reserve system and which are not to be advanced or loaned to some other bormembers, of the system. This principle, of rower. Under such circumstances, of course, course, would not be applicable when a member the note made by the Federal intermediate hank offers for rediscount at a Federal reserve credit bank would be ineligible for rediscount bank paper made or indorsed by a Federal in- under section II (b) of the board's Regulatermediate credit bank, because in such a case tion A. the member bank would be obtaining credit The eligibility for rediscount of paper made accommodation from the Federal reserve bank. or indorsed by a Federal intermediate credit Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1926 FEDERAL RESERVE BULLETIN 258 bank when offered by a member bank is also rediscount for member banks paper bearing affected by that provision of section 19 which the signature or indorsement of Federal Interprohibits a member bank from acting as the mediate credit banks, If such paper is other™ medium or agent of a nonmember bank In wise eligible under the law and the regulations,, discounting with a Federal reserve bank ex- In the ruling referred to It was stated that as cept by the board's permission; and it is a general rule, the board will not grant to accordingly, necessary, under the principles member banks permission to rediscount with laid down In the board's ruling published in Federal reserve banks the paper of nonmember the 1923 BULLETIN at page 891, for the board banks which are eligible for rnemhersliip in the to grant its permission before paper bearing Federal reserve- system. Federal intermediate the signature or'indorsement of a Federal credit banks, ho'wever, are not eligible for intermediate credit bank may properly be membership in • the Federal reserve system rediscounted for a member bank. Accord- and, therefore, the granting of this permission ingly, the Federal Reserve Board hereby grants is not a departure from the policy announced Its permission for Federal reserve banks to in that ruling. Eligibility of trustee, officer, or employe© of a mutual The word "bank" is inclusive and can not be resavings bank to serve as class B or class C director stricted to institutions transacting all of the business of a Federal reserve bank. • ' , usually transacted by commercial banking institutions. A mutual savings bank, although having no capital There is published below a copy of an opinion stock, accepts deposits, makes loans, and invests its money in securities, paying over to its depositors the recently rendered by the Attorney General on principal of their deposits and accrued net earnings. To the question whether a trustee, officer^ or em- that extent it is engaged in the banking business. ployee of a mutual savings bank Is eligible to Bouvier defines a bank as "A place for the deposit of serve as a class B or class C director of a Fed- money." eral reserve bank. " The Supreme Court of the United States, in Smith v 0 Kansas City Title Company, 255 U. S., 180, 210, said: "Generally speaking, a bank is a moneyed institution DEPARTMENT OF JUSTICE, Washington, March 4 1926. to facilitate the borrowing, lending and caring for } money." In Bank of Savings v. The Collector, • 70 SIR: I have the honor to reply to your letter of U. S. 495, the Supreme Court of the United States had January 12, 1928, transmitting one from the Governor under consideration the status of mutual savings banks of the Federal Reserve Board, and submitting for my operating without capital stock, such as those referred consideration and opinion the question whether a to in your communication. At pages 512-513 the court trustee, officer or emploj^ee of a mutual savings bank is said: eligible for appointment as a class B or class C director of a Federal reserve bank. Banks, in the commercial sense, are of three kinds, to wit: 1, of deposit; 2, of discount; Section 4(5) of the Federal reserve act (act of 3, of circulation. All or any two of these December 23, 1913, c. 6, 38 Stat. 254) provides that the functions may, and frequently are, exercised board of directors of Federal reserve banks shall by the same association; but there are still consist of nine members divided into three classes banks of deposit, without authority to make designated as classes A, B and C. It is further prodiscounts or issue a circulating medium. vided that: Savings banks which receive deposits and loan the No director of class B shall be an officer, same for the benefit of their depositors, although they director or employee of any bank. may have no capital stock, and neither make discounts No director of class C shall be an officer, nor perform other functions usually performed by comdirector, employee or stockholder of any bank. mercial banks, are, nevertheless, engaged in the busi- It has been contended that a mutual savings bank? ness of banking and are, therefore, banks within the having no capital stock, and not engaged in a general meaning of section 4 (5) of the Federal reserve act, banking business, is not such a bank as is contemplated supra. by the statute, and that, therefore, an officer of such I have the honor, therefore, to advise you that mutual mutual savings bank is not prohibited from serving as a savings banks are banks within the meaning of section class B or class C director of a Federal ^reserve bank. 4 (5) of the Federal reserve act, prohibiting directors The real question presented for my consideration, of class B and class C from being officers, directors or therefore, is whether a mutual savings bank of the employees of "any bank." character above described, is to be considered a "bank," Respectfully, as that term is used in section 4(5) of the Federal reserve (Signed) JNO. G. SARGENT, act, prescribing the qualifications of class B and class Attorney General. C directors. The honorable the SECRETARY OF THE TREASURY. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

254 FEDEEAL RESERVE BULLETIN" APRIL, 192$ Changes In State Bank Membership Fiduciary Powers Granted to National Banks The following list shows changes affecting State During the month ended March 21, 1926, the Federal bank membership during the month ended March Reserve Board approved applications of the national 21, 1926, on which date 1,434 State insitututions were banks listed below for permission to exercise one or members of the system: more of the fiduciary powers named in section 11 (k) of the Federal reserve act as amended, as follows: ADMISSIONS (1) Trustee; (2) executor; (3) administrator; (4) registrar of stocks and bonds; (5) guardian of estates; Total (6) assignee; (7) receiver; (8) committee of estates of Capital Surplus resources lunatics; (9) in any other fiduciary capacity in which State banks, trust companies, or other corporations which come into competition with national banks are District No. 6 permitted to act under the laws of the State in which Citizens State Bank, Reynolds, Ga._ $25,000 $1,250 $64,102 the national bank is located. District No. 9 Pe M op i l n e n s State Bank, Plain view, 20,000 4 000 204,963 Location t D ri i c s- t Name of bank g P r o a w nt e e r d s No. District No. 11 First State Bank, Celina, Tex_ 25,000 213,505 Floral Park, N.Y.. 2 First National Bank ..._ Ito9 Kingston, N. Y 2 National Ulster County Bank 1 to 9 Kane, Pa 3 First National Bank 1 to9 CHANGES Reidsville, N. C—. 5 First National Bank.—-.- Ito9 Opelika, Ala 6 First National Bank 1 to7 Montgomery, Ala _ 6 Exchange National Bank 1 to9 District No. 2 Hartford City, Ind. 7 First National Bank 1 to9 Havana, 111 7 Havana National Bank 1 to 9 Coal & Iron Bank of the City of New Effingham, 111 „. 8 First National Bank 1 to 9 York (merged with Fidelity Inter- Fort Branch, Ind— 8 Farmers & Merchants National Ito9 national Trust Co., New York, Bank. N. Y., a member, under title of Millstadt, 111-._...- 8 First National Bank.__ 1 to 9 Fidelity Trust Co.) ..$1,500,000 $1,000,000 $28,746,810 Independence, 10 Citizens-First National Bank Ito9 Peoples Trust Co., Brooklyn, N. Y. Kans. (merged with National City Bank, Ogden, Utah 12 National Bank of Commerce Ito9 New York, N. Y.)~ 1,600,000 2,400,000 65, 717, 253 District No. 5 Changes in National Bank Membership The State & City Bank & Trust Co., Richmond, Va., has absorbed the following member: Planters National Bank, Richmond, Va_.-. 1,000,000 1,800,000 20,221,222 The Comptroller of the Currency reports the follow- Bank of Lunenburg (Inc.), Ken- ing increases and reductions in the number and capital bridge, Va., a member, has ab- of national banks during the period from February 20 sorbed the following member: First National Bank, Kenbridge, Va 45,800 11,450 269,236 to March 19, 1926, inclusive: District No. 7 Absorbed by nonmember: State Num- Vo S l a u v n in ta g r s y B w a i n th k d , r M aw a a r l l : e tt F e, i r M st i C ch om- 25,000 5,000 595, 885 b b a er n k o s f o A f m c o a u pi n t t al mercial Savings Bank, Constantine, Mich... 60,000 1,422,894 New charters issued __ 14 $2, 060, 000 District No. 8 Restored to solvency 1 40, 000 Increase of capital approved 17 3,420,000 Closed: Dardanelle Bank & Trust Co., Dardanelle, Ark 50,000 25,000 290,000 Aggregate of new charters, banks restored to solvency, and banks increasing capital '32 5, 520, 000 District No. 9 Liquidations 21 2, 530,800 Re L o u p v e e n r e n d e : , R M o i c n k n County Bank, 50,000 25, 000 814,368 Reducing capitall ._ _-. - ._ 4 390, 000 Voluntary liquidation: Mercantile Total liquidations and reductions of capital. - 25 2, 920, 800 State Bank, Minneapolis, Minn_. 250,000 50,000 2,391,482 Consolidation of national banks under act of Nov. District No. 11 7,1918 4 5,150, 000 Voluntary withdrawal: First State Aggregate increased capital for period 5, 520, 000 Bank, Wylie, Tex_.___ 75,000 30,000 613, 230 Reduction of capital owing to liquidations, etc 2, 920, 800 District No. 12 Net increase 2, 599, 200 Voluntary withdrawal: Victor State Bank, Victor, Idaho 25,000 10,000 156, 309 1 Includes two reductions in capital aggregating $300,000 incident to consolidations under act of Nov. 7, 1918. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

255 APBIL, 1926 HEDEKAL RESERVE BULLETIN BUSINESS STATISTICS FOR THE UNITED STATES INDEX OF PRODUCTION IN BASIC INDUSTRIES * [Index and relatives for each industry adjusted for seasonal variations. Monthly average 1919=100] Iron and steel Textiles Food products fear and month G i e n n d e e r x al Animals slaughtered Lumber Pig iron i • n S g te o e t l s Cotton Wool W fl h ou e r at m S e u li i Cattle Calves Sheep Hogs 1925 Famiary-... 127 134 151 115 100 94 132 100 140 121 145 February... 124 143 150 114 99 113 104 96 157 91 107 127 March....... 120 136 147 110 95 94 133 100 138 102 96 125 April. „„„.„_, 119 128 128 121 92 90 134 104 124 120 101 123 May • 111 113 121 103 91 88 115 104 114 117 92 116 Tune...... 110 107 115 88 102 117 95 126 105 101 117 July—.—.. 113 105 110 87 122 117 107 131 101 125 August 109 102 117 91 90 94 107 97 138 116 September... 111 106 123 103 95 100 143 93 129 120 116 October..... 116 113 130 111 98 96 167 99 147 115 125 November..,. 115 116 136 116 97 79 135 84 131 76 96 117 December... 121 130 149 120 95 203 166 133 1926 January. 120 131 149 114 164 146 95 125 February 120 130 152 119 84 147 102 157 105 122 Coal Nonferrous metals Tobacco products Year and month Sole News- Petro- B n it o u u m s i- An c t i h te ra- Copper Zinc leather print Cement leum r C e i t g t a e - s M # t o a t b u n a r u c e f d c a o c- 1925 January.^..—.... 125 104 148 128 106 243 193 91 188 105 February.—...... 109 116 147 119 108 193 191 88 171 97 March-„________„, 95 96 142 131 110 199 187 86 170 89 April.............. 105 103 136 124 115 199 194 87 178 95 May...—. 99 103 135 127 112 193 212 88 175 96 June.-....._._.... 101 98 136 117 110 197 210 93 188 97 July 105 113 140 121 108 215 204 94 179 101 August 109 120 135 122 105 207 206 91 173 94 September........ 114 1 139 121 111 204 208 95 183 96 October.-.. 121 1 136 129 115 198 198 106 169 99 November .... 126 2 138 129 116 194 200 95 165 89 December .__. 130 3 139 137 117 188 196 85 * 195 94 1926 January ._......_. 129 2 2 141 144 115 219 193 80 196 102 February-.„_- 130 34 145 135 123 181 193 84 188 100 1 This table contains for certain months the index numbers of production in basic industries which are shown in the chart at the bottom of page 226, together with the series of relatives used in constructing the index. In making the final index the relatives are adjusted to allow for seasonal fluctuations and are weighted. The methods of construction were described in detail and all relatives for each series since January, 1913, were published on pages 1414-1421 of the BULLETIN for December, 1922. 2 Revised. INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES! [No seasonal adjustment. Monthly average, 1919=1003 Metals and Year and month G i e n n d e e r x al G in r d o p e u r x p oduc s I a t t r s n e o d e n l G i T n r e d o x e u x t p iles F a a n b d ri c p s rod P u u r c c o t t d s s - L p u a b r u c n o e m t d r d s - - v R r c o e a l a h e i d s l i - - m A o u b t i o l - es P p a r i a n i n p n g d e t r - F p u a o r c n o o t d d d s - s L p e u a r a c n o t t d d h s - er S c a t l o n a n d y e , , b p u T a r c o c o t - c d s o - C p i u a h c r n c o a e t d d l m s s - - 1925 January 94.4 87.5 87.1 97.4 100.6 93.4 99.8 89.3 103.8 105.1 88.4 90.9 109.7 87.0 74.0 February. _. 95.8 89.6 89.1 99.9 101.4 97.9 100.4 89.8 105.1 104.9 88.5 92.5 110.7 87.7 74.6 March...... 96.4 90.1 89.5 100.0 101.0 98.6 99.6 112.7 105.7 86.2 92.5 116.8 88.5 75.5 April.. 95.9 89.2 88.7 98.9 100.8 96.5 100.6 121. 7 104.7 83.0 88.8 123.2 81.7 75.4 May 94.9 88.0 87.5 96.4 99.1 92.9 99.8 84.9 128.5 103.8 83.2 86.8 125.5 87.0 73.2 June 94.2 86.9 86.3 95.4 97.5 92.8 100.1 84.7 122.8 103.5 85.6 83.0 125.9 85.8 72.9 July—— 93.1 85.6 84.9 93.3 93.1 93.4 99.3 84.5 122.2 103.4 85.4 85.7 121.3 85.9 73.0 August...... 93.9 86.1 85.4 94.0 93.6 94.5 99.9 84.5 124.2 103.2 85.9 90.2 124.9 85.0 72.6 September.. 95.1 87.4 86.6 94.1 93.3 95.1 102.2 83.7 129.4 104.3 88.0 92.1 125.3 87.1 75.4 October...-. 97.0 89.4 88.4 96.9 97.7 95.8 102.8 83.0 137.7 106.0 90.6 91.8 124.7 90.1 76.4 November- 97.2 91.0 89.9 97.3 99.1 95.0 102.0 82.6 136.3 107.2 89.6 89.0 123.1 89.7 77.4 December-.. 97.1 92.6 91.6 97.2 99.3 94.6 100.9 84.6 129.6 107.8 88.5 86.1 121.0 90.1 77.6 1926 January 92.6 91.9 97.3 99.1 95.0 98.3 84.6 130.2 107.5 86.5 87.9 114.4 80.4 76.9 February. _ _ 97.0 94.2 93.5 97.4 97.6 97.2 85.7 133.0 106.7 85.7 89.5 114.6 84.2 77.0 i This table contains for certain months index numbers of employment, together with group indexes for important industrial components. The general index is a weighted average of relatives for 34 individual industries. The method of construction was described in detail and indexes for the above groups since January, 1919, were published on pp. 324-325 of the BULLETIN for May, 1925. See also p. 668 of BULLETIN for Seotember, 1925, or certain revisions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

256 FEDERAL RESERVE BULLETIN APRIL, 1926 INDEX OF PAY ROLLS IN MANUFACTURING INDUSTRIES1 [No seasonal adjustment. Monthly average, 1919=100] Metals and Year and month G in en d e e r x al G in r d o p e u r x o p duc I a t r s n o d n G i T n r e d o x e u t x p iles F a a n b d ri c p s rod P u u r c c o t t d s s - L p u a b r u c n o e m t d d r s - - v R r c o e l a a h e i d s i l - - m A o u b t i o le - s P p a r i a n n i p n g d e t- r F p u a o r c n o o t d d d s - s L p e u a r a n c o t t d d h s - er S c a t l o n a n d y e , , b p u T a r c c o o t c - d s o - C p i u a h c r n c o a e t d l d m s s steel 1925 January.--- 102.9 92.9 92.6 108.6 112.9 103.3 103.1 91.5 138.2 100.4 95.3 128.8 93.5 97.0 February- _ 108.5 96.3 95.8 113.4 114.2 112.4 108.5 100.0 132.1 137.5 99.8 99.7 136.4 87.0 99.7 March 110.1 97.2 96.5 114.4 114.2 114.7 109.7 100.2 142.9 139.4 98.8 •100.0 143.4 88.3 101.6 April>__.— 107.3 94.4 93.9 108.0 111.7 103.5 107.9 95.4 156.2 137.1 94.0 91.5 149.9 74.2 97.6 May-... 107.4 94.6 94.0 105.0 109.9 99.0 108.6 91.6 163.9 136.7 97.2 90.3 154.6 90.9 98.4 June. »__.._ 104.8 91.1 90.4 101.6 103.9 98.8 109.7 90.4 151.2 135. 5 100.0 85.1 154.3 90.3 95.7 July 102.4 86.8 86.1 101.2 100.9 101.6 105.9 86.7 150.0 133.8 98.9 89.0 145.9 89.0 95.6 August—-. 104.5 89.7 88.8 103.8 101. 7 106.2 108.0 88.0 146.1 133.7 99.1 98.9 155.7 90.0 93.1 September . 103.9 88.7 87.7 99.1 96.6 102.1 111.8 84.9 155.3 135.8 100.0 94.8 151.6 90.0 94.9 October 111. 3 96.2 95.1 107.5 107.9 107.0 117. 2 89.2 178.0 142.3 104.5 95.8 156.8 97.1 101.1 November- 111.7 97.7 96.3 107.0 109.0 104.5 116.7 91.4 178.9 145.4 103.6 87.9' 155.4 98.7 [ 103. 6 December— 112.1 101.7 100.6 107.9 111.1 103.9 116.4 91.7 163.5 148.7 103.2 86.5 151.3 L 99.3 104.9 1926 January 107.0 99.1 108.1 110.4 105. 3 105.8 85.8 136.0 145.5 100.1 89.7 136.9 102.2 February- _ 111.5 102.4 101.7 110.2 109.0 111.5 111.0 91.9 166.3 144.9 99.8 94.2 140.1 84.0 102.8 a This table contains for certain months index numbers of pay rolls, together with group indexes for important industrial components. The general index is a weighted average of relatives for 34 individual industries. The method of construction was described in detail and indexes for the above groups since January, 1919, were published on pp. 324-325 of the BULLETIN for May, 1925. See also p. 668 of BULLETIN for September, 1925, for certain revisions. INDEXES OF INDUSTRIAL ACTIVITY i [No seasonal adjustment. Monthly average 1919=100] Agricultural movement Mineral production Year and month Ani- An- Bitu- Total s L t i o v c e k - p m ro a d l - Grains C to o n t- t V ab eg le e s - Fruits b T ac o c - o Total t c h i r t a e - n m o i u - s P le e u tr m o- i P ro ig n C p o e p r - Zinc Lead Silver ucts coal coal 1925 January 118 122 89 112 197 130 85 292 141 101 134 189 132 148 128 146 117 February. 88 94 90 76 79 121 72 161 119 98 100 171 126 137 119 131 107 March 86 91 108 73 71 128 106 53 123 96 97 191 140 149 131 154 104 April 72 87 123 40 43 125 94 17 117 99 87 194 128 140 124 143 109 May- 79 86 139 62 98 135 136 5 124 108 91 115 140 127 •" 147 111 June 83 88 164 75 142 92 1 124 103 96 212 105 139 117 151 116 July 88 86 150 99 14 110 151 (8) 129 113 102 914 105 136 121 145 114 August = _ 104 91 119 133 75 107 122 '73 136 117 116 212 106 135 122 143 104 September 152 93 101 149 934 204 244 171 121 1 121 906 107 134 121 138 103 October _ . 166 117 101 96 310 233 391 165 130 1 137 904 119 141 129 164 98 November 149 105 110 108 977 116 177 223 125 2 131 198 119 134 129 153 104 December.- __ 148 106 117 135 239 88 98 326 129 3 136 194 128 137 137 3 161 105 1926 January . 108 99 96 92 114 106 80 344 129 2 138 190 130 8 141 144 158 3 109 February— 88 81 93 79 74 94 77 273 115 28 120 173 115 135 136 149 105 Manufacturing production Year and month Total s I a r t n e o e d n l m A o u b t i o le - s T ti e le x s - p F u r o c o o t d s d - L b u e m r - p P ri a a n n p t d i e n r g L s e h a a o n t e d h s e 3 r P le e u tr m o- C b e a r m n ic d e k nt To c b o ac- R t b i u r e e b r s - 1925 January 3128 145 14? 121 118 145 135 91 199 125 118 171 February 120 132 114 98 134 125 92 186 109 105 176 March „_ ~~. U35 147 223 122 95 150 142 101 204 158 116 190 ApriL „— _—. 3133 128 260 119 88 155 142 98 201 188 113 191 May 3130 121 109 87 165 136 86 213 119 195 June 3126 112 939 105 94 160 133 84 216 133 194 July .-__——. 126 109 239 107 97 164 125 87 222 207 135 202 August §122 118 104 9Q 167 128 97 207 127 203 September . . .» 126 120 193 107 105 160 128 97 209 191 131 183 October. ___.= „_ 141 134 270 118 114 172 139 103 218 206 141 165 November 129 134 114 98 139 136 84 173 120 155 December..™ 3128 138 191 119 107 133 139 85 216 152 110 175 1926 January §128 144 186 120 104 135 142 83 130 115 176 February . __ 125 131 220 115 92 137 135 85 110 178 * For description and early figures see BULLETIN for March, 1924, and for certain revisions see p. 739 of the October,, 1925, BULLETIN. 2 Less than one-half of 1 per cent. * Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1926 FEDERAL RESERVE BULLETIN 257 COMMODITY MOVEMENTS Febru- January, Febru- The following statistics are secured from ary, 1926 1926 ary, 1925 various sources and compiled in the form given below by the Board's Division of Research and Transportation Statistics. Earlier figures (in most cases since Revenue freight loaded and received from connections (cars loaded, 000 1919) can be obtained from previous issues of omitted): the BULLETIN or upon application to the Divi- Clas G sif r i a e i d n a b n y d n g a r t a u i r n e p o r f o p du ro ct d s u _ c __ t _ s _ - __ 171 196 169 sion of Research and Statistics, Federal Reserve Livestock _„ 113 139 123 Coal. 698 782 682 Board. Coke 72 75 53 Forest products 299 277 320 Ore 42 43 45 Febru- January, Febru- Merchandise, 1. c. 1 990 1,017 978 ary, 1926 1926 ary, 1925 Miscellaneous.... — __ 1,292 1,310 1,255 Total.. , 3,676 3,839 3,623 Grain and Flour Classified by geographical divi- Receipts at 17 interior centers (000 omit- sions— ted): E astern _- 842 868 854 Wheat (bushels) _.._. 17,165 19,979 19,428 Allegheny. „ 747 765 748 Corn (bushels) __„ 26,765 28,859 21,191 Pocahontas..-. 215 233 176 Oats (bushels). ___. 12,244 15, 453 14,903 Southern - 609 608 586 Rye (bushels) 1,082 1,520 2,823 Northwestern 458 473 460 Barley (bushels).._„ —_ 2,588 3,034 4,210 Central western _- 539 611 536 Total grain (bushels) _ 59,844 62, 555 Southwestern 266 281 264 Flour (barrels).. 1,728 1,876 2,184 Total-....-.. 3,676 3,839 3,623 Total grain and flour (bushels) _ _. 67, 622 77, 288 72, 384 Shipments at 14 interior centers (CCO I omitted): BUILDING STATISTICS Wheat (bushels) ..... 11, 549 15,770 Corn (bushels) 9,093 8,592 10,676 Oats (bushels) 10,887 11,094 13, 245 Building permits issued in 168 cities, Rye (bushels) . 530 345 362 grouped by Federal reserve districts: Barley (bushels) _ —— 1,332 1,557 3,186 Number of permits- Total grain (bushels). 31,704 33,136 43, 240 Boston (14 cities) —— 859 1,128 1,458 Flour (barrels).. „__ 2,803 3,047 3,157 New York (22 cities) ..... 5,045 6,472 6,179 Philadelphia (14 cities) _ _ — 1,206 1,296 1,908 Total grain and flour (bushels) _ _. 44,317 46,849 57,444 Cleveland (12 cities) _______ 3,560 2,960 3,892 Richmond (15 cities) 2,484 2,416 2,991 Stocks at 11 interior centers at close of Atlanta (15 cities) — 4,380 4,304 3,538 month (000 omitted): Chicago (19 cities) _ — .— 6,766 5,777 8,238 Wheat (bushels) 29,395 30,308 44, 726 St. Louis (5 cities) — „_ 2,158 1,552 2,525 Corn (bushels) 28,861 24,305 27,018 Minneapolis (9 cities) . —— 721 575 816 Oats (bushels) 51, 028 54,318 64,208 Kansas City (14 cities) -. „ 2,058 1,314 2,782 Rye (bushels) 12, 721 12,248 9,906 Dallas (9 cities) 2,392 2,215 2,461 Barley (bushels) 5,576 5,844 2,542 San Francisco (20 cities) 8,898 9,307 10,021 Total grain (bushels) . 127, 581 127,022 148, 400 TotaL. 40,527 39,316 46,809 Receipts at 9 seaboard centers (000 omitted): Value of permits (dollars, 000 omit- Wheat (bushels)..... 8,879 12, 578 13, 931 ted)— Corn (bushels). 1,209 3,218 891 Boston (14 cities)....... ... 5,378 6,037 9,153 Oats (bushels)... 1,876 2,008 1,817 New York (22 cities) 76,895 95,228 67,537 Rye (bushels) 396 630 848 Philadelphia (14 cities) ________ 13, 247 10,547 14,182 Barley (bushels) 2,121 2,373 1,999 Cleveland (12 cities)—— 10, 259 11,750 20,500 Richmond (15 cities) ___.._ 10,784 9,695 14,547 Total grain (bushels) _ 14,481 20,806 19,486 Atlanta (15 cities)._.—_— 19,189 12,936 12,653 Flour (barrels)......... 1,669 1,495 2,109 Chicago (19 cities)— 42,876 34,005 46,463 Total grain and flour (bushels)... 21,992 27, 536 28,978 S M t. i n L n o e u a i p s o ( li 5 s c (9 i t c i iti e es s ) )—. 2 6 , , 7 4 4 0 3 1 2 5 , , 0 8 8 4 8 2 1 3 0 , , 2 31 0 3 0 Stocks at 8 seaboard centers at close of Kansas City (14 cities) 6,515 4,187 11,013 month (000 omitted): Dallas (9 cities) 7,660 8,761 6,290 Wheat (bushels) „ 4,593 5,568 10,904 San Francisco (20 cities) _______ 26,736 29,166 32,649 Corn (bushels) 1,756 2,151 955 Oats (bushels) _-_...__._ 1,412 1,578 1,518 Total- 228,683 230, 242 248,500 Eye (bushels) .._._„ 295 392 9,583 Barley (bushels).. _ 2,349 2,858 1,834 Building contracts awarded, by Federal reserve districts (dollars, 000 omitted): Total grain (bushels). 10,405 12, 548 24, 793 Boston.. __„„„____ — —. 18,494 24,256 23,113 New York— 104,568 195,564 62,810 Wheat flour production (barrels, 000 Philadelphia _.._• 25,536 20,322 24,398 omitted) ... 8,881 10, 287 11,189 Cleveland .. 35,033 29,905 40, 267 Richmond—.-..-. .___. 25,969 30,855 23,688 Tobacco Atlanta 63,558 50,841 32,438 Tobacco sales at loose-leaf warehouses Chicago. _.__„___„___ — . ..53,848 51,122 52,305 (pounds, 000 omitted): St. Louis.———.... 23,551 22,255 25,000 Dark belt Virginia..... 3,978 7,754 4,251 Minneapolis __.__ —___•. 6,893 6,363 6,173 Bright belt Virginia 8,121 10,941 6,114 Kansas City.. ___. 12,736 9,946 7,719 North Carolina _. 12,703 23,880 9,500 Dallas..— — . . .. 19,714 15,730 12,972 Burley 23,937 35, 392 16,907 Western dark 34, 724 33, 233 15,062 Total (11 districts) 389,900 457,159 310,883 88806—261 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

258 FEDEEAL RESERVE BULLETIN APRIL, 1926 WHOLESALE AND RETAIL TRADE WHOLESALE TRADE IN THE UNITED STATES, BY LINES* CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES AND DISTRICTS—Continued [Average monthly sales 1909=100] Percentage Percentage G er e a n l - Gro- Meat Dry Shoes Hard- Drugs c F h e a b n r g u e a r i y n , s 1 a 9 l 2 e 6 s, , ch at a n e g n e d in o f s t F o e c b k - s1 index ceries goods ware compared ruary, 1926, comwith— pared with— 1924 October „ _ 95 100 78 104 67 110 128 Janu- Feb- Janu- Feb- November 84 89 69 88 57 98 109 ary, ruary, ary, ruary, December. _ 79 83 66 77 57 99 109 1926 1925 1926 1925 1925 January __ 79 80 71 82 43 89 116 Shoes—Continued. February 76 73 69 88 46 90 109 St. Louis district -14.0 38.7 2.6 15.2 IvEarch 83 79 73 96 63 107 121 Minneapolis district 45.0 0 1.0 -7,0 ApriL. „ 79 75 68 85 65 107 115 San Francisco district _ 7.9 5.2 May 79 79 75 77 54 101 106 Hardware: June 83 84 79 82 54 105 110 United States > .6 -4.2 5.7 -3.7 July_. ___ _ . 83 85 79 85 47 99 111 New York district __ 3.3 -7.5 7.2 1.4 August 87 83 78 106 65 98 108 Philadelphia district -7.5 -7.4 1.7 -10.1 September 94 92 82 112 72 109 120 Cleveland district. _ 10.0 —6.3 1.5 -17.0 October _. __ 101 99 87 118 77 122 134 Richmond district _ -10.6 -3.0 4.3 .2 November 86 90 72 92 59 103 110 Atlanta district -8.0 24.8 -.5 2.9 December 80 83 72 75 54 101 111 Chicago district...__„ 2.6 -8.9 8.8 -6.3 St. Louis district _ 8.8 .2. 11.4 -3.6 1926 Minneapolis district- -1.0 -11.0 2.0 -1.0 January __ _ 78 76 79 79 43 86 111 Kansas City district __ 16.6 -6.7 -.4 5.6 February 76 71 75 87 50 87 110 Dallas district—. ... 4.9 10.3 8.1 1.2 San Francisco district— —1 3 —.1 Drugs: For description of the wholesale trade index see FEDERAL RESEEVE United States — 9 1.0 .7 5.0 BULLETIN for April, 1923. New York district _ —.7 Philadelphia district -L9 2.4 -2.3 6.1 Cleveland district. _______ -6.5 2.2 CHANGE IN CONDITION OF WHOLESALE TRADE, BY Richmond district —__ 10.9 4.8 LINES AND DISTRICTS Atlanta district -.8 12.7 . Chicago district... __ -5.4 .8 2.4 5.8 St. Louis district -4.8 1.9 c F h e P a b n e r g r u c e a e r i n n y t , a s 1 g a 9 l e e 2 s 6 , , ch at a P n e e g n r e d c e in o n f t s a t F o g e c e b k - s1 Furn D K S i a t a a n u l n l r s a F e a s : r s a d n C is c i t i t r s y i c c o d t i d st i r s i t c r _ i t c t _ _ - - - 1 7 3 2 . . . 0 1 2 — - 5 . 1 2 . . 0 3 - - 2 . . 1 3 -4 3 . . 6 1 co w m it p h a — red ru p a a r r y e , d 1 9 w 26 it , h c — om- A Ri t c la h n m ta o n d d is d tr is ic tr t i . ct •_ -24 2 . .2 2 -3 2 . . 9 0 .1 8.8 St. Louis district.— 17.6 -10.9 -1.8 3.1 Kansas City district 2 4 —10.3 Janu- Feb- Janu- Feb- San Francisco district 2.8 6.8 ruary, ary, ruary, Agricultural implements: 1926 1925 1926 1925 Minneapolis district 82.0 79.0 18.0 31.0 Dallas district.-... _______ -5.0 8.6 —1.6 -1.5 Stationery and paper: Groceries: New York district-.. 2.4 10.7 United States -7.6 -1.9 1.1 -2.1 Philadelphia district -10.5 -17.3 -.9 -3.2 Boston district _ _ -9.7 -8.0 -1.8 6.2 Atlanta district-_., -2.7 2.1 New York district -14.8 -3.1 —3.6 San Francisco district „_.. —12 1 7.9 Philadelphia district -2.7 -9.4 -L9 -.5 Automobile supplies: Cleveland district -3.8 -2.0 San Francisco district.._ —2.3 —3.9 Richmond district -5.2 -2.7 -1.8 -6.2 Clothing: Atlanta district. _ « _ _ -7.8 6.0 New York district _______ 53.3 -9.7 Chicago district -3.6 -7.3 1.3 -3.7 St. Louis district —27 8 54.4 St. Louis district 3.3 -.9 0.0 -19.4 Cotton jobbers: Minneapolis district ._ -5.0 -12.0 3.0 2.0 New York district -__. 33.2 -13.5 22.1 -10.2 Kansas City district -8.7 -3.5 5.2 -1.2 Silk goods: Dallas district _ _ _ -3.5 .5 5.5 -2.0 New York district -.9 .7 —.4 2 37.0 San Francisco district -9.5 -1.3 Machine tools: Dry goods: New York district 12.7 27.7 United States _, — 9.0 —2.6 .5 -6.1 Diamonds: New York district 3.3 -1.8 New York district -35.6 -10.0 ........ Philadelphia district 3.7 -15.8 .5 6.9 Jewelry: Cleveland district ___. 17.7 -5.9 .7 -12.7 New York district 36.1 7.0 15.4 -3g.O Richmond district - 5.8 .7 -4.3 -20.6 Philadelphia district 18.2 13.9 4.3 -7.3 Atlanta district. . _ — _ 8.5 6.9 7.4 19.8 Electrical supplies:" Chicago district—— . 6.5 -6.6 2.6 -4.8 Philadelphia district 3.3 -4.1 1.9 -20.5 St. Louis district 13.7 1.1 -6.4 -11.9 Atlanta district 6.4 87.2 5.4 -5.9 Minneapolis district 6.0 -11.0 -1.0 2.0 St. Louis district 11.8 10.1 3.2 -17.8 Kansas City district 2.6 10.2 -7.2 8.5 San Francisco district —5 7 —4.1 Dallas district 35.5 -6.1. -3.6 -5.0 Millinery: San Francisco district -6.4 —4.4- Kansas City district _.— 43.3 -13.1 Shoes: Stoves: __•__ United States. 15.9 7.8 3.8 -23.2 St. Louis district — 8.1 -9.2 2.6 -28.1 Boston district...- - _. _ 31.7 12.7 -4.3 -13.0 New York district _ -5.2 11.5 4.6 Philadelphia district —14'. 2 -12.2 21.1 -26.1 1 Changes in total stocks for the United States are weighted averages Cleveland district .. 6.9 4.9 -.1 -13.7 computed on the basis of firms which have reported regularly to the Richmond district _ 30.5 -4.5 1.8 -3.9 Federal reserve system since January, 1923. Atlanta district 21.0 15.5 2 Stocks at 1st of month; quantity, not value. Chicago district 33.7 -3.4 8.5 -33.5 3 Includes diamonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1926 FEDERAL RESERVE BULLETIN 259 RETAIL TRADE, BY REPORTING LINES 1 [Average monthly sales 1919=100] Sales without seasonal adjustment Sales with seasonal adjustment n Year and month Is 35 II } i O 1925 January __.. 108 108 250 151 155 122 107 92 162 124 110 249 207 161 141 141 112 193 February..__ 101 105 233 156 146 119 100 175 131 116 243 209 161 140 ±49 120 207 March. „. 121 119 252 177 160 131 127 105 188 121 103 233 185 159 135 127 116 188 April ... 136 117 258 195 159 134 177 107 210 133 I 114 255 208 164 139 152 126 210 May 128 95 254 191 163 143 149 195 124 106 254 201 166 140 1L9 116 202 June. - 126 102 254 187 167 134 152 184 126 120 257 203 170 137 142 125 197 July— ... 95 87 259 183 166 138 122 104 181 128 117 269 201 164 137 134 140 185 August •__. 98 89 243 195 171 142 120 128 202 125 118 255 205 171 145 153 143 202 Sept ember, _„„___ 121 114 245 191 169 142 129 136 202 134 120 258 206 172 142 135 136 204 October _. 165 170 318 237 179 151 164 141 215 145 131 309 219 175 145 145 117 209 November 145 144 272 220 167 136 136 139 195 129 116 270 211 177 138 126 111 205 December 226 166 332 427 225 212 214 280 141 140 318 231 185 157 143 114 191 1926 January 114 ! 116 166 178 127 108 101 167 130 118 284 228 185 140 142 122 199 February 104 111 170 172 127 97 .105 173 136 123 301 227 189 151 145 127 205 * For description of the retail trade indexes see FEDERAL RESERVE BULLETINS for January and March, 1924. * Index of sales of grocery chains revised. Comparable index numbers for all months since January, 1919, may be obtained from Division of Research and Statistics, Federal Reserve Board. DEPARTMENT STOKE SALES, BY FEDERAL RESERVE DISTRICTS [Average monthly sales 1919—100] Sales without seasonal adjustment Sales with seasonal adjustment Number of re- Federal reserve district port- 1926 1925 1926 1925 ing firms Feb. Jan Dec. Nov. Oct. Feb. Jan,Feb. Jan. Dec. Nov. Oct. Feb. United States. 359 104 114 226 145 165 101 108 136 130 141 129 145 131 124 Boston. 24 131 225 143 156 94 110 125 145 141 130 142 126 122 New York.-... 63 108 124 243 158 186 107 120 141 136 148 137 155 140 132 Philadelphia- 22 103 112 222 167 167 101 105 128 127 141 129 145 125 120 Cleveland.™-.. 54 106 108 218 134 160 106 107 136 • 124 138 123 146 137 123 Richmond _„„. 23 92 103 230 146 160 89 93 127 125 133 125 139 120 113 Atlanta 35 92 89 190 122 139 84 83 121 108 117 106 117 111 102 Chicago 63 119 119 244 154 173 107 112 151 140 156 139 158 136 132 Minneapolis _. 23 85 167 105 135 81 92 108 100 113 98 120 115 107 Dallas. __... 21 94 180 115 141 90 92 118 109 111 101 120 114 106 San Francisco. 31 117 129 253 158 113 128 154 145 161 156 154 149 145 DEPARTMENT STORE STOCKS, BY FEDERAL BESERYK DISTRICTS [Average monthly stocks 1919=100] Stocks without seasonal adjustment Stocks with seasonal adjustment Number of re- Federal reserve district port- 1926 1925 1926 1925 ing firms Feb. Jan. Dec. Nov. Oct. Feb. Jan. Feb. Jan. Dec. Nov. Oct. Feb. Jan. United States. 314 132 125 129 154 149 127 119 140 141 139 137 134 135 134 Boston, _. 24 113 110- 119 140 132 115 112 121 122 122 121 117 123 124 New York 63 128 125 131 153 148 123 118 138 140 138 135 133 132 132 Philadelphia.. 13 183 167 176 213 210 167 147 195 187 183 192 188 177 164 Cleveland... „_. 52 124 112 123 145 141 125 112 134 133 132 129 126 134 133 Richmond 19 121 114 120 147 138 118 109 129 135 133 129 119 126 129 Atlanta 22 112 111 102 126 124 107 99 116 123 114 113 111 111 110 Chicago...... 51 153 144 148 175 168 145 137 165 162 159 156 150 156 154 Minneapolis „„ 22 101 96 101 124 122 106 99 104 108 110 113 112 109 111 Dallas....._.. 19 118 1C8 111 135 135 113 103 125 126 130 122 119 12.0 119 San Francisco. 29 132 126 124 148 147 126 123 137 137 136 135 136 131 134 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

260 FEDERAL RESERVE BULLETIN APRIL, 1926 FOREIGN BANKING' AND BUSINESS CONDITIONS ANNUAL REPORT OF THE NATIONAL BANK OF BELGIUM FOR 1925 The annual report of the National Bank of Whereas fiduciary inflation has as its inevitable Belgium for 1925 presented b}^ the governor at corollary the rise of prices; ? Whereas the economic recovery of the country the annual meeting on February 22, 1926, condemands the concentration of all efforts to lessen as tains the following summary of events during soon as possible the cost of living, so intimately bound the. past seven years and survey of the present up with the problem of wages; situation: Therefore the board of directors of the National Bank of Belgium believe that they should again direct the Seven years have passed since the National special attention of the Government to the absolute Bank of Belgium, yielding to the express de- necessity of immediately taking the measures necessary mand of the Government and the unanimous to effect a great reduction in the demand liabilities of wish of the people, agreed to replace with Bel- the National Bank, which are vastly increased by the advance of 5,800,000,000 francs to"the State for the gian bank notes the paper currency imposed redemption of marks. upon the country during the occupation. The The loan of 5 billions which Parliament quantity of marks presented for exchange exauthorized the Government to issue at the ceeded all expectations. It then became evibeginning of 1920 was Intended to be used dent that the fiduciary circulation of Belgium largely for the withdrawal of the excess paper could not be increased in such proportions currency. On January 15, 1920, M. Delacroix without causing the franc to decline steadily. stated to the Chamber that of the first install- Moreover, the bank did not fail to make the ment of 2.5 billions, the Government would rapid retirement of the excess notes a condition set aside 1 billion to repay the bank, and of its intervention. In the beginning it was continued: "To the extent of this sum of 1 believed that Germany would redeem without delay the marks which she had left in Belgium. billion francs, the loan will not have the effect When the fact was recognized that this expec- of increasing the national debt, for it will be tation was not to be realized in the near future, used at once to reduce the credit of the bank the bank obtained from the Government a to the State.7J The governor of the bank in pledge that it would take advantage of an his report to the general assembly on February early large-scale fiscal operation to retire 23, 1920, described in the following terms the the greater part of this paper currency before pledge made by the Government: it could exercise its vicious influence on the Inasmuch as the Government is-under the necessity price level and the course of exchange. The of making a series of loans, the first of which will not exceed 2.5 billions, we have agreed with the Minister Government affirmed this pledge with many of Finance that a repayment of 3 billion francs shall be assurances. In the agreement of July 19, 1919, made out of the successive loans, fixing such repayment between the Government and the bank, article at 50 per cent of their total yield, and averaging.a just 3 stipulated that "the Government promises assessment on each one. It"has been especially agreed that from each of the first two loans of 2.5 billions, to repay with the least delay possible the adthere shall be turned over to the bank 1 billion francs. vances made by the bank." On the first of Furthermore, the Government shall repay annually, October of the same year the board of direc- beginning with 1921, an amount of at least 150,000,000 tors of the bank sent to the Government a francs. resolution couched in the foliov/ing terms Unfortunately these demands .were not ? and reproduced in the report of the bank for heeded as they should have been. The bank the year 1919: was greatly disturbed over this, and In its report for the year 1922, It said: Whereas the demand liabilities of the National Bank of Belgium (note circulation and demand deposits) From the,beginning of the monetary crisis, the bank, have during the last six months reached an average in taking a position on the question of the policy to be value of 7 billion francs (4,700 millions of notes, 2,300 followed, has urged deflation. It believes that this is millions of demand deposits), while before the war this the only way to return to economic equilibrium, But average was not more than 1,100 millions (1 billion the further one gets from the starting point of inflation notes and 100 millions deposits); and the longer one delays to reverse his steps, the more Whereas it has been proved by experience that difficulties one will encounter. However slow and under a regime of overexpanded note issues, the infla- burdensome it may be, deflation ought nevertheless to tion of the fiduciary circulation has always contributed be carried on regularly and tenaciously. It is also to the depreciation of the monetary unit, and then by much to be regretted that the first three quarters of the reciprocal action, to a loss in its value on the foreign year have passed without our having received any exchanges; repayments. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

261 ^ 1926 FEDERAL RESERVE BULLETIN Nevertheless, the Government, face to face from industry and commerce, which were all with other difficulties, the solution of which the more hungry for credit as the Belgian seemed to it more urgent, always put off the exchange depreciated, the bank followed a # vigorous effort which would remedy the mone- thankless and painful policy of credit restrictary situation. tion difficult to pursue, in view of its keen Then the inevitable happened—domestic desire to support the exporting industries. It price indexes rose rapidly; more and more the contracted the actual volume of commercial foreign exchanges appreciated in terms of bills and advances. . . our money. We recognized the detestable Following, expressed in gold at the average regime of instability and currency deprecia- rate of the dollar, are comparative figures:. tion. As the years passed, in proportion as the value of the franc declined, the hope [Yearly averages in millions oft ranesj. of restoring it to its pre-war parity grew feeble; at the same time the social, moral and 1913 1924 1925 economic advantages of such restoration gradually grew less; a new order of things, a new Commercial bills _„ 561.9 313.9 315.4 Advances on Government securities > __ _ 71.3 98.2 97.1 scale of values tended to become established on the basis of the depreciated money. Some intelligent people asked whether it had not be- For the last year or two the. various factors come necessary to give up once for all the hope in the financial and economic situation in of restoring our money, and to undertake a Belgium have tended toward steadiness, and plan of stabilization which would have reduced little by little a certain stability has evolved the evils of the situation to a third or a half of spontaneously out of the facts themselves. what they now are. But this plan could We have endeavored in our preceding reports not be carried out for several reasons of both to show by means of selected items the ecodomestic and foreign, economy. First of all nomic progress which has been made from it was necessary that the reconstruction of the year to year. For the year 1925 we shall devastated regions should be almost finished; make the same observations. that Belgium should have recovered, at least Unemployment has remained at almost the in large measure, her power of production. same level as during the last few years; that is, Then it was necessary—an essential condi- within limits which do not appear to be distion—that a balanced budget should have been turbing. The port of Antwerp has seen a great reestablished. It is pure folly to try to sta- increase in the tonnage of the ships which have bilize a currency if this condition has not been entered and cleared. met. The Government was resolutely determined upon it, but up to the present the Number aim has not been realized. of ships Tonnage entered Abroad, two problems of international finance heavily depressed, the.exchange market; 1924.. „ . 9,709 19,305,907 the question of reparations and of inter-ally 1925 9,971 20,201,598 debts. On their solution depended, directly or indirectly, the choice of the level at which The number of kilometer tons carried by the one could hope to fix the new value of the railways, which was 5,729 millions in 1913 and franc. about 4,500 millions in 1920, rose to 7,040 Meanwhile only one policy was possible; millions in 1924. The amount of clearings and it required, if one wished to hold the evil handled by the clearing houses, which in 1923 in check, the prevention of excessive deprecia- was about 191,647,392,000 francs, and in 1924 tion and the preparation for stabilization at a about 229,532,725,000 francs, reached the sum level as little unfavorable as possible; that of 251,385,234,000 in 1925, An examination meant to bring about methodically and firmly of the trend of our trade balance shows a ratio the reduction of the fiduciary circulation in a of exports to imports in 1913 of 73.53 per cent, way which would decrease the excess circulation in 1924 of 79.24 per cent, and for 11 months in conformity with prices and the level of the of 1925 of 80.68 per cent. exchanges. The National Bank did not cease In the report of last year, describing the to urge this with an insistence which some economic movement of 1924, we said: people regarded as excessive. And as regards Although the year 1924 was more favorable than the the bank, in spite of some lively complaints year before, a slowing up in the rate of improvement is Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

262 FEDEEAL RESERVE BULLETIN APRIL, 1926 to be noted. Evidence of this is shown strikingly in the rate of the dollar have been between 19.36 and items of our principal products where the improvement of 1924 in comparison with 1923 seems much less 21.78. pronounced than that of 1923 over 1922. Further- 1923 19. 3697 more, certain products such as coal and iron manufac- 1924 _„__„„__ 21. 7884 tures show either a stationary production or even a 1925 . „_ 21.0668 retrogression. One gets the impression both from statistics and from actual practical affairs that we have During all the first part of the year 1925 the about reached the end of the period of reconstruction exchange reserves, which had been placed at and are approaching more nearly normal conditions. our disposal the previous year so that we might- This double impression of improvement and defend the market from purely speculative of stabilization we shall have again as we go on maneuvers, were untouched; the exchanges with our examination. Let us take the situa- without assistance maintained a level of about tion of the domestic capital market. During 95 francs to the pound and 20 francs to the the entire year 1925, the Belgian Government dollar. In brief, the conclusion to be drawn borrowed only about 950,000,000 francs, in the from the facts was more and more clear that form of treasury bills; on the other hand, it we were making progress toward a stabilizaredeemed maturing interprovlnciai bonds to tion of our currency at about the existing level, the amount of 533,750,000 francs, Since May that is, about 20 francs to the dollar. The 31, 1923, the date of the last loan for the com- ground'was appropriately prepared for stabilipensation for war losses, the Government has zation. borrowed in all from the' Belgian market a sum But the effective bond which had existed so of about 1,000,000,000 francs. Thus it may be long between the Belgian and the French franc, said that the Belgian money market has not and to which we again especially called your been depleted for public needs, and that it has attention last year, had not in any way been rebeen able, little by little, to reorganize its forces laxed. In May, 1925, a simultaneous reaction for other uses. The very great and ^necessary affected both currencies, and in this country work of reconstruction made imperative by the the pound rose from 95.88 on May 12 to war has now been almost finished. As to the 109.225 on July 1. Investigations made at budget, it should be realized that the perse- that time in the money markpt showed that vering efforts carried on during the preceding this was not the result of mere speculation years have brought us nearer and nearer to which we could control by the use of the exequilibrium. The deficit of 420 millions with change reserves; in order to keep this intact for which 1925 closed, as usual, corresponds almost some decisive effort, the bank refrained from exactly to the increase in the service of the for- taking a hand, and after several months the eign debt, the bitter fruit of the currency de- Belgian franc steadied at about 107.50 to the preciation which has taken place since the pound. Certain circumstances then led the budget was presented. Government to hasten action In order to bring The growing tendency toward stabilization about financial soundness. In international of Belgian economic conditions is shown with financial circles it was expected that autumn great clearness by the balance sheet of the was going to be a very difficult time for the National Bank. The amount of notes in cir- French franc, and it was feared that once again culation plus deposits has scarcely varied in causes outside Belgium herself would work •the past few years. Since the beginning of against the exchanges and result in a new depre- January, 1924, it has moved very little from an ciation of the Belgian franc. The fruits of many average of 7,900,000,000 francs.1 The annual years of effort, the prospects of improvement in average of bills and that of advances on Gov- conditions generally, all were in danger, if not of ernment securities was 1,319 millions and 412 being utterly lost, at least of being seriously millions, respectively, for 1924 and 1,282 mil- threatened if the foreign exchanges should conlions and 394 millions for 1925. The retail price tinue their upward movement and if Belgian index reflects a genuine stabilization In the capital in dismay should seek to break through domestic purchasing power of the Belgian the barriers which were intended to prevent franc. It was 521 in December, 1924, 534 in Its flight abroad. At that moment, two chief December, 1925, and 527 In January, 1926. causes of uncertainty and unrest disappeared The foreign exchange market gives the same from our international horizon; the Dawes plan impression of relative stability. In fact, since had settled the question of reparations; the 1923 the variations of the annual average of the problem of inter-ally debts as far as Belgium was concerned had been solved by the Washington i On Feb. 4,1926, the total demand liabilities of the bank had fallen to agreement. The Government decided to act. 7,763,000,000 francs. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1926 FEDERAL RESERVE BULLETIN 263 For its part, the National Bank has always view to legal stabilization. To reach this been deeply sensible of the injustices which any result the bill emphasized the necessity for depreciation of the currency brings about, and complete separation of the credit of the State of which the great number of those are vic- from that of the bank; in other words, to tims who have shown their confidence in their make the bank note independent of the credit country by lending it the fruit of their savings. of the State. To this end the State undertook But it is not only this part of the population from now on to repay to the bank, if not the for whom depreciation is a misfortune which whole, at least the greater part of the debt must be stopped as soon as possible. Even incurred for the redemption of marks. At industry, which for a time apparently benefits the same time it was necessary to assure the from depreciation, has come to understand that bank a reserve in gold or in foreign exchange its real. interests are dependent on currency equivalent to gold large enough to enable it stability, and that a country empties itself to meet any emergencies. Under the cirof its own wealth when it exports in a period cumstances, the percentage of such a metallic of rapidly depreciating currency. Undoubt- reserve was fixed at about 60. The Governedly it would be foolish and dangerous to try ment therefore decided to float a foreign loan to stabilize at a level too high, which the eco- of $150,000,000. It is imperative to be prenomic condition of the country would not make pared in case an}^one should offer a very it possible to maintain; but the principles of ele- large sum. for exchange, for the amount of mentary justice require that depreciation notes in circulation is much above the actual should be stopped as soon as actual circum- needs of the country. The vault reserve stances permit. For these reasons the bank ought always to be large enough to give comdecided to offer the Government the support plete security to any who should bring in of its services, its experience, and its credit. notes. The first practical measures were taken as A legal provision will abolish the forced soon as the course of action had been deter- circulation of bank notes. The bank will be mined. The news that the Government had obliged to resume the redemption of its notes decided to present, to Parliament a definite on demand. It may do this at its choice or plan of monetary reform was sufficient to according to circumstances either in gold or check speculation and to prevent . a panic. in checks drawn on places having a free gold The movement of the exchanges was reversed, market, and at the legal rate of stabilization. and the pound went down to about 107 francs The bank will revalue its present metallic in the early days of October. From that reserve; the difference created by this remoment, at the express wish of the Minister valuation shall be turned over by the bank of Finance and of the entire Government, to the State, which shall use it to the due the bank has tried by a suitable exchange amount to amortise its debt to the bank of policy to keep the exchanges at the level issue. The Latin Union long ago ceased to which they had established of themselves. perform its functions; it has been denounced In order to keep the Belgian franc from being by the Government and our country will shortly dragged down by the fall of the French franc, reassume its full liberty of action. it became necessary to intervene on a rather. From all this explanation it is clear that the large scale. The bank was able to do this, plan of monetary reform requires the cooperathanks to the exchange reserves which had tion of the National Bank, and necessarily been turned over to it after the loan of implies the renewal of the right of note issue $100,000,000 floated in the United States in for a long period. Facing the present emer- December, 1924, and June, 1925. But after gencies, both the Government and the bank the break had been definitely made the market realized, that it was better simply to continue settled down of itself, and the bank was able the existing situation as regards the principles to build up again a considerable part of this on which the bank was founded. The bill for reserve. extending the right of note issue corresponds The plan of stabilization proposed to our to this general idea. Undoubtedly it carries legislative bodies by the Government was certain modifications in organization, but these based on those principles which in the past will not change the essential form. The Govfew years have been shown to be correct by ernment will receive new benefits from our many experiences throughout Europe. First activity; in return, the existence of the bank of all, it was necessary to safeguard against on sound foundations is assured for 27 years all further depreciation of the franc with a longer. At this moment, when the bills for Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

264 FEDERAL RESERVE BULLETIN APRIL, 1926 monetary reform and the extension of the about. Some of these have already been right of note issue for the bank are under announced by the Minister of Finance; we discussion in Parliament, we must be extremely- ardently hope that these will be sufficient to cautious in our comments. prevent any embarassment to the Treasury. Actual conditions had prepared the way for Whatever happens, moreover, the bank has stabilization: to defer it again would have been affirmed many times, and it repeats once again, to run the risk of never being able to do that it will oppose with all the powers at its it except at a level far lower and under condi- command any issue of paper money for the tions far more unfavorable. These principles account of the Government. are in accord'with well-established doctrine. Finally a part, and a large part, in the realiza- But their success implies the cooperation of tion of the plan of financial recovery rests all the many factors involved—-first, the bank, with the public. Fundamental indications, then the Government, and third the country the many studies made abroad as well as in itself. The past history of the bank, the care Belgium, lead us to believe that our balance with which it has always guarded the interests of payments, leaving out the movements of of the whole country, make it a supreme duty capital due to special causes, is almost at •to devote to the realization of these plans all equilibrium. But there is no doubt that in its activity, all its support. The board of recent years it has been, and for a long time directors, no matter how heavy may be their will continue to be, governed by the movement task, will not fail to do this, being assured in of capital which reflects the confidence or the advance that they can count on the support of lack of confidence of our own nationals or of all the stockholders, who will also be animated strangers in the Belgian currency, and still by the conviction that the National Bank of more in the economic health of the country. Belgium, an institution which is truly national, During the years of currency depreciation large should at all times place the general welfare amounts of capital left Belgium to seek abroad before its own interests. the protection which the exchanges of stable The task of the Government will be hard, currencies offered. When stability shall'have but it is clearly indicated. The genuine and become an accomplished fact it is reasonable to hope that a great part of this capital will unfailing equilibrium of the budget in its return to Belgium, there to profit bj conditions entirety is a condition sine qua non for mainmore favorable than elsewhere. But to change taining currency stability. The Minister of the direction of the current of capital it is Finance has given his positive assurance in the necessary that the Belgians themselves should most formal way that the budget is balanced. now become aware of their responsibilities, The country has taken note of this official their powers, and their true interests. Those declaration. Except at the risk of compromiswhose duty it is to enlighten the people, leaders ing forever the prosperity of Belgium, of dein the banking world, members of the stock stroying the confidence of people in other lands exchange, and all those who guide the investwho have never hesitated to come to our aid, ment of savings, must open the eyes of the it is absolutely imperative that the budget be people to these elementary truths. kept in balance. Currency stability, furthermore, is also as indispensable to the equilibrium Finally and above all each one should realize of the budget as that is to currency stability. that currency stability is not an end by a The two conditions have to go together. means. It is a means for restoring our coun- We must now more than ever recognize the try to herself, for making it possible to work absolute necessity of keeping the public ex- and to produce under healthy, normal condipenses at a level suitable to the actual re- tions, which will permit each person to receive sources of the country. For a nation just and to keep the just reward of his efforts. convalescing from the sickness of war, obliged Here again, and in happy fashion this time, to rebuild little by little the heavy losses thus we see the reciprocal bonds which unite ecobrought about, the most rigorous economy nomic phenomena; it is, thanks to currency is imposed by absolute necessity. It is not stability, that the Belgians will be able to take enough that the budget should be balanced. up their work again with profit; and it is this same work, persevering, energetic and fruitful, The Treasury must be fortified against any which will be the best guarantee of the stability surprise. The Government has learned that of the franc. it will have to take measures to bring this Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1926 FEDERAL RESERVE BULLETIN 265 ANNUAL REPORT OF THE SWISS NATONAL BANK The eighteenth annual report of the Swiss which the English Minister of Finance, in National Bank, for the year 1925, contains the the course of his budget speech, offered prosfollowing account of its operations during the pects of the return to gold currency, The past year: significance of this event is in no way lessened The necessity for accord which under the by the fact that the system temporarily pressure of economic demands had been adopted by England differs considerably from making itself felt more and more throughout her pre-war system. At the same time Holland Europe crystallized, so to speak, In the re- adopted measures very similar to those of sults of the Locarno Conference In the fall England; and it is to be expected that in the of 1925. The agreements reached at this near future the other countries of northern conference, and their ratification, already Europe will similarly reform their currencies. accomplished by the greater number of the While a certain number of countries have Governments concerned, constitute a new- thus achieved their reforms, there are some advance toward clearing away those obstacles, others for whom the question whether, and political and otherwise, which blocked the to what extent, they will be forced to make normal development of the economic situation. radical changes in order to put their currency It is now realized, however, that it is not on' a sound basis, is still reserved for the future. enough for an exhausted Europe to rely on They too will have to reestablish order in artificial measures to come through her diffi- their public finances first of all, which they culties; she will emerge only little by little, can do only after surmounting many obstacles, by adapting herself to new circumstances, by of which the greatest is the settlement of the long-continued effort, and, above all, by co- war debts. This problem is far from being operation and collaboration of the various entirely solved, although important progress economic domains. Those who used to imagine has been made by cooperation, among the that everything essential has been achieved Governments concerned.. when once the exchanges have been stabilized We may at this point note the reassuring fact have- surely been disillusioned by the events that the solidarity which used to exist among of the past year. They will have recognized the various money markets is gradually reclearly that after the reestablishment of sound appearing, at least among those with high money the evils produced by Inflation dis- exchanges. Parallel with this fact, it may also appear only as regards the particular form be said that the official discount rate is rewhich is characteristic of the Inflation period, covering some of its old importance; this conwhile under a different form, they continue dition is once more producing an active disto breed grave crises, the effects of which count policy. Until now the international reach far beyond the countries directly con- movement of capital has in large measure concerned. Nevertheless, monetary reform in the tinued to take the form of American loans to various countries is the indispensable condi- Europe; this has also contributed to the tion, not only of their own prosperity, but also steadiness of the exchanges. of that of other countries. This interdepend- Conditions are not wholly satisfactory in the ence explains and justifies that international realm of international commerce, for the growcollaboration which has played a part in ing tendencies toward protective tariffs conpractically air the great operations of currency stantly create new impediments.. Switzerland reform and in which Switzerland also has feels these especially because of her manyparticipated. Just recently there has been industries producing for export. Regarded another instance of the happy effects of close from the point of view of the general welfare, connections between the banks of issue. this protectionist policy is in flagrant contra- Currency problems were destined to remain diction to the great efforts being made by all in the foreground during 1925, and currency the countries to develop their export trade as reforms have made further definite progress. much as possible. The economic isolation of To Sweden "and Holland, which like Switzer- Russia, which has been but slightly relieved land had succeeded in reestablishing their gold during 1925, has perceptibly helped to aggraparity, was added also England, whose pound vate the situation. sterling moved strongly toward its pre-war Switzerland has experienced new disapvalue. An epoch-making date in the monetary pointments in spite of the cheering reports history of the year was the 28th of April, on from many branches of our national economic Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

266 FEDERAL RESERVE BULLETIN APRIL, 1926 life. Agriculture, the hotel business, the is thiis that the long-term 5 per cent loans of building industry, and various lines of the the Cantons could be floated almost at par, textile and machine industries report in vary- and that, in general, the yield of gilt-edged ing degrees a satisfactory employment. securities declined slightly below 5 per cent. Others—in particular watch making—complain The interest rate of 5% per cent on certifiof very irregular conditions; while a third cates of deposit, adopted the year before by group—-especially embroidery and ribbon many of the banks, with some precipitancy, weaving—are still experiencing a severe crisis, perhaps, was changed rather soon, and de- It is easy to understand that certain circles clined generally to 5 per cent, and for some regarded with mixed emotions the complete important establishments even to 4J^ per removal of restrictions on imports which took cent. The last three months of the year place on December 31, 1925. The fact has to fortunately saw announcements of numerous be recognized that, considering the conflicting reductions of rates on mortgages which were interests of producers and consumers, and the to become effective at the beginning of 1926. difficulties at home and abroad which tariff These reductions, it is true, do not extend to policies present for Switzerland, the reform of very considerable amounts of capital; they the customs r6gime by making commercial are, nevertheless, an encouraging sign, for treaties on the basis of a general provisional they give reason to hope that the improvetariff, is indeed a hard problem to solve. ment will continue. The building up of new If, on the whole, the financial situation capital in the country itself probably conpresents a not unfavorable impression, the tributes but slightly to these better conditions. reason lies chiefly in the improvement of the The increase of available money on the marpublic finances, begun back in 1924 and success- ket is due, most of all, to a relatively small fully continued. The return to sound financial demand for new money compared with the methods, the continued funding of debts, demands of the year before (about 270,000,000 and the gradual reestablishment of budget francs) and to a strong influx of capital from equilibrium have not failed to strengthen the other countries. It is true that rather large credit of the country. In a general way sums of capital have found their way abroad, conditions during the, past year have been but in spite of the acute scarcity of funds characterized by less fluctuation than for sev- among our neighbors and the resulting offers eral years preceding, especially as regards the of attractive rates of interest, the export of bank. capital has not yet reached a proportion In the money market, the favorable devel- sufficient to threaten the stability of the doopment which began toward the end of 1924 mestic market. The many sad experiences of has been quickened. As early as the begin- recent years have without doubt exerted a ning of the year the Federal railways were restraining influence, for the Swiss capitalist, able to float a loan of 175,000,000 francs at 5 as a rule, has again become conservative in per cent (to mature in 11^2 years and at a sub- regard to foreign investments, although it is scription price of 98 per cent), of which 81,000,- surprising to see the rapidity with which heavy 000 francs were applied to conversions; and losses incurred during and after the war have in March they decided to accept an pffer from been forgotten in certain circles. It is no Holland of a loan of 50,000,000 Swiss francs. wonder that the public has come to be on its They were thus able under most favorable guard against the dangers of overinvestment in conditions to cover all their financial needs foreign securities. Still, one may ask how far for more than the year 1925. In July the this type of export serves the interests of our Confederation successfully floated a 5-year national economy. It is a question which conversion loan for 139,000,000 francs of treas- can not be answered by any general formula, ury bills maturing September 5, at a subscrip- but should be specially studied in each case tion price of 98 per cent and bearing 5 per cent and decided according to the particular interest. These are the only calls upon the economic and financial situation; this, under money market which the Confederation and certain circumstances, might demand that the Federal railways made during 1925. available funds should be kept for the needs The leading securities quoted on the Swiss of the country. The national economic life Stock Exchange benefited from the beginning of Switzerland is closely bound up with that of of August until October from the general im- other countries; the total isolation of our capital provement, due above all to the trend toward market is impossible, especially as for a lower rates of interest and to the prospect of long time before the war, and again recently, a reduction in the official discount rate. It Switzerland has reaped great advantages from Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL* 1926 FEDERAL RESERVE BULLETIN" 267 the influx of foreign capital. When it is a bringing about a number of reductions in the question of supporting the level of our cur- discount rate (in England, for example, the rency or of satisfying the financial needs of rate was lowered in August from 5 to 434 per the Confederation, the bank of issue should be cent), was more clearly perceived with us. able to give an exact account of the capital At this time" many recommendations were operations which it carries on with foreign made that Switzerland should adopt a similar countries. measure. It was not until October 22, how- The introduction of the "letter of security," ever, that the National Bank decided to lower now under consideration, will introduce a its discount rate from 4 to y% per cent and the new factor into the money market. rate for advances on securities from 5 to 43^ In the money market the private rate has per cent; in the meantime the slight tension declined with slight fluctuations from 3 per shown on the market at the beginning of cent at the beginning of the year to 2 per cent September had relaxed a little, and the Bank by August; it began to rise again almost of England, as well as the Bank of Netherlands, imperceptibly only at the end of October, put into effect a new reduction from 43^ to 4 and stiffened a little to 2^ per cent at the end per cent. ' To tell the truth, the National of the year. Switzerland has maintained the Bank could have acted, earlier, at least so far lowest open-market rate of any country, but as the discount rate was concerned, but it has our market has been subject, to the same tend- always preferred to wait a little so as to be able encies as that of other countries with sound without fear to reduce the rate for advances currencies; for all that, the fluctuations,of the on securities in equal measure; the reduction English and the American money markets of the . discount rate alone seemed inopporhave had but little influence on the private tune, solely by reason of the wide disparity rate here. To Swiss capital returning from which would have resulted between the two , abroad, where it was displaced by American rates. The National Bank was not trying by money offered at a better rate, there has been this reduction to tighten its relation with the added money' which foreign countries have market, but to point out to. the nation that sent to us. The purchase of foreign exchange it considered the international market in an carried on by the National Bank in its fight easier state; that it felt that the time had come against an excessive rise in our franc above its to lower rates of interest somewhat in favor of gold parity has also enlarged the resources of commerce and industry; and that, considering our market to a considerable extent. On the its own strong situation, the gold parity of the other hand, paper offered for discount has not Swiss currency, reached a year before, might been sufficient to meet the needs of the banks. be regarded as assured. The market did not The changes made during the war in the react at once; the lowering of the bank rate methods of payment have diminished the use had in fact been expected for a long time, and of commercial bills, and the credit needs of the stock market had made allowances for it. commerce and industry have been too moderate But if the low rates have been maintained, it during recent years to stimulate, as would is to this action that it must be attributed. have been desirable, the creation of commercial Although shortly afterwards the Bank of paper. The National Bank has tried to al- England was compelled to raise its rate from leviate this condition by turning over to the 4 to 5 per cent at the beginning of December, market part of the nonmterest-bearing secur- the National Bank has been able to keep its ities which it received from the Confederation rate without difficulty through the end of the at the time of the withdrawal of the foreign year. 5-franc pieces of the Latin Monetary Union. The average rate of discount in Switzerland Its purpose in doing this was to facilitate the was 3.90 per cent in 1925; 4 per cent in 1924; placing of the liquid funds of the financial and 3.47 per cent in 1923. The rate for establishments and to curtail the export of advances on securities was 4.90 per cent, capital. On account of a considerable amount compared with 5 and 4.47 per cent in 1924 and of available funds in our market, the raising of 1923, respectively. * * * the official rate in New York in February from The Swiss franc reached gold parity toward 3 to 3J^ per cent and in London in March the end of the autumn of 1924. Later it even from 4 to 5 per cent passed almost without went above parity for short intervals to an exnotice in Switzerland. tent which led the bank to change its monetary On the other hand, the general easing of the policy; the bank suddenly found itself commoney market which came during the summer, pelled to intervene in order to prevent a new Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

268 FEDERAL, RESERVE BULLETIN APRIL, 1926 rise of the franc, as before it had been com- large quantities of gold coins. Experience pelled to act in support of the exchange. It is shows, however, in all countries that bank true that during the first three months the dol- notes once issued tend to remain in circulation lar showed a new upward tendency, but in as trade becomes accustomed to use them in April it was again approaching the lower gold larger amounts. Considering the progress point. At this time Switzerland-experienced— made in consolidating the finances of the Conthough to a less extent than Denmark and Nor- federation, and consequently, the reestablishway later on—those difficulties which in some ment of more normal relations between the cases result from trying to control the course Government and the bank of issue, and given, of a rising exchange. Realizing that a pre- on the other hand, the slight contribution of mium on the franc would, as little benefit the the bank to the money market, the amount economic situation of Switzerland as would a of the note circulation can be explained to-day, level below parity, the -National Bank made so to speak, exclusively by the needs of busilarge purchases of foreign exchange in order ness; and the elasticity of the currency during to keep the franc from rising above the gold the entire year is a matter for much satisfacimport point. This task was made, easier by tion. It is interesting to note that the curve the fact that, besides the cities of Zurich and of the wholesale price index also showed a Berne, the Confederation needed large amounts downward movement in 1925, and that this in dollars, both to settle purchases in America preceded the reduction of the note issues. and to assure the service of interest and amorti- However, one ought not to conclude that there zation of loans floated in New York; and that is a fixed relation between the two curves; the Government had decided to provide as indeed, the fluctuations of the figures which early as 1925 for the repayment of the the3r represent are so slight that all kinds of $20,000,000 loan maturing in 1926, In this way factors difficult to determine, and influences, the level of the franc was successful!}?- main- purely accidental, might have brought about tained, so that in September the exchange had this coincidence. reassumed a quieter tendency. At this time Because of a forgery, the source of which is the franc came down to parity with the dollar certainly to be sought abroad but which has and even slightly below; it was no longer necesnot yet been discovered, the National Bank sary for the bank to intervene either in one decided to call in the 100-franc notes with the direction or in the other, and it was able to sell portrait of Tell, which had been printed during again a part of its foreign bills, which the sales the war. This decision was made easier by of gold had helped, to increase, and which had the fact that it had to do with a war note, reached a rather high figure. issued during a short period in 1917-18, under The year just past has seen little change in the pressure of a rapid increase in demands for the circulation. Following the currency re- notes. The circulation of this note, which at forms in the more" important countries, one first reached the total amount of 150,000,000 might have expected a very considerable re- francs, had Mien to 15,000,000 francs by the turn of Swiss bank notes which had found end of the year. The bank made use of this their way into those countries during the occasion to call in at the same time the "interim period of their inflation; and there was even notes'/ of 50, 100, 500, and 1,000 francs issued more reason to expect a decline in the circu- in 1907 after the pattern of the notes of the lation from the fact that the issue of gold old banks of issue. All these notes thus called francs and of 5-franc silver pieces would de- in lost their legal-tender status on December crease the hoarding of bank notes. The aver- 31, 1925, but the National Bank is obligated to age circulation, however, showed only a slight redeem them or to exchange them for their decline and remained above the figure obtained nominal value for 20 years more, that is, until by using the coefficient of the higher price level June 30, 1945. with the pre-war circulation as the base. This On November 30, 1925, the period of repayalmost negligible decline is surprising, consid- ment expired for the state currency notes of 5, ering that the emergency currency put out by 10, and 20 francs, issued as Government paper the Confederation, the state railways, the Can- currency in 1914 at the beginning of the war. tons, and the towns—issues which at one time Of the war currency, there now remains in ran into hundreds of millions of francs—have circulation only the notes of 5 and of 20 francs come down since the beginning of 1923 to a of the National Bank. The 25™franc notes of very modest level; and that besides there have the Confederation Loan Office, of which the been put into circulation since 1922 not only period of repayment has also expired, will still about 70,000,000 in 5-franc pieces, but also be redeemable at the Federal treasury until Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL* 1926 FEDERAL RESERVE BULLETIN 269 June 30, 1934, but in fact they have practically sidered the possibility of putting severe reall been withdrawn. strictions on the import of gold coins, and even, The issue of gold coins was again made if necessary, of prohibiting it altogether. ^ For possible at the end of 1924, because the franc the time being, however, this type of business had by that time reached its gold parity, a has lost its interest on account of the decline of circumstance which evoked much interest. As the franc from dollar parity. The question in other countries, especially in England and should not be lost sight of; all the less because in Holland, the question whether it was ex- the denunciation of the Latin Monetary Union pedient to put gold coins into circulation pro- by Belgium at the end of December brings up voted lively discussion in Switzerland. Eng- the question of the dissolution of the Union, and land definitely declared in • the negative. At thus adds special interest to the problems confirst Holland followed that example, but re- nected with it. cently a reversal of opinion seems apparent The metallic cover for notes in circulation has infthat country. The Swiss National Bank fluctuated during the year between 63 and 79 took the position, in principle, that it was not per cent; gold cover alone between 53 and 68 sure that the time had come for a return to an per cent. These fluctuations have correunlimited issue of gold, even if that could be sponded to the monetary policy of the National done without restoring the obligation to re- Bank, which deemed it advisable, in order to. deem all notes in gold on demand. But in avoid the costs of transportation, to deposit order to satisfy certain wishes and to remove part of its gold in some of the large foreign banks all reasons for hoarding, the bank decided to of issue. Although in principle it has held to put back into circulation, on demand, the gold the tried and proved rule of'an effective gold coins presented at its windows. Since this cover, the bank has judged it wise at times to decision the facts have shown that there is put a fairly large part of its note cover into scarcely any demand for the yellow metal and foreign exchange of the highest quality, to be that in general the public prefers bank notes., better prepared to intervene in defense of our The board of directors have stated their agree- exchange. ' ment that there should be given a general The 5-franc coins out of circulation. in the authorization for the export of gold. This other countries of the Latin Union represent a measure, which has now been passed by the total amount of 156,000,000 francs, and are in- Federal Government, can be revoked at any cluded in the metallic note cover at about onetime. The practice of payments in gold has half their nominal value; that is, at about the not been restored to any great extent; never- commercial value of their silver content; their theless, the facilities given have succeeded in. repayment is guaranteed by noninterest-bearing bringing out from their hiding places many- obligations of the Confederation. According gold coins, which, put into circulation in 1922, to the Paris agreement of December 9, 1921, had again disappeared. part of this amount, about 136,000,000 francs, As the bank has always kept the franc from, bears Interest since January 15, 1925, at 1 per rising above the gold import point, there could cent on the nominal value of those coins which be no serious question as to importing gold In the countries of origin have paid to the Conbars for the mint. But because of the slight federation; the latter, in conformity with the premium above par value, it was possible to buy agreement made in November, 1923, with the abroad, by the weight of the metal, and at a National Bank, has turned over to it the entire slight profit, gold coins of the Latin Union amount of this interest. The repatriation countries, and to put them in circulation in of these coins will begin in 1927 and should Switzerland. When this business had been be finished in 1932. **i' t X-v going on for some time on a rather large scale, We have already mentioned in our comments the National Bank felt it a duty to request on the money market the most important certain friendly banks of issue not to give out event In the realm of discount policy, the reany more of this kind of coins for export.- This duction of the official rediscount rate. After business was in fact not without its disad- this change, our portfolio of Swiss bills has vantages, for it was carried on for the most part remained within very moderate limits, and in. abraded coins, the melting down of which the bank has rarely had ally contact with the brought a certain loss to the charge of Switzer- market. The necessity for having a rather land, because, on account of the exchange, these large portfolio of foreign bills has had this coins could not be returned to any of the other result—that the flow of bank notes to the countries and thus had to be kept here. For market has not come about to the same exthis reason, also, the Confederation has con- tent as formerly through the agency of Swiss Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

270 FEDERAL KESERVE BULLETIN" APRIL, 1926 bills, but far more through the channel of of the bank, it has done so, not as formerly foreign bills. But we ought to state that the under the stress of an unusual situation, but portfolio of Swiss bills showed a considerable, merely the better to adapt its financial measalthough temporary, increase during the last ures to the conditions of the moment, and to 10 days of December. Nevertheless, in spite meet the temporary needs of the treasury, of the insignificant amount of Swiss securities, which were greater than its immediate receipts. the National Bank could not change the funda- The advances on securities, which have at mental principles of its discount policy and times reached a ver^ high figure in compariseek profits by discounting paper which, be- son with the domestic bill portfolio, declined cause it was not sufficiently liquid, ought not during the course of the year to about 41,000,to be given place in the portfolio of a bank of 000 francs, to rise again temporarily to 72,issue. Even though the Confederation has 000,000 francs in the last week in December. recently at times discounted its securities at ^C ^S JfJ the bank within the limits fixed by the directors GOLD RESERVES OF PRINCIPAL COUNTRIES, 1913-1925 The total gold stocks of. the principal coun- lands by $25,000,000, and of. Switzerland by tries of the world amounted to about $9,343,- about $7,500,000; on the other hand Ger- 399,000 at the end of 1925, a decline of about many added $107,000,000 to its holdings, $40,000,000 from the total for the same coun- Russia $21,000,000, Poland $6,000,00,0, and tries at the end of 1924, as shown by the table Hungary $3,000,000. As changes in other on the following page. The largest reductions European countries were small, it appears.that were those of $139,000,000 for the United States the total gold reserves of Europe showed a and of $54,000,000 for England; the largest in- net increase of about $50,000,000 in the course crease was that of $107,000,000 in the stock of of 1925. In addition to this increase in monthe German Reichsbank, whose holdings are etary stocks, a certain amount of gold coin now above the figure recorded at the end of 1913. was put into circulation during the year in Lesser reductions were reported for the Nether- Switzerland and the Netherlands. lands, Switzerland, South Africa, and Japan, The holdings of the European banks of issue and increases for Russia, Java, Australia, and included in the table were, therefore, about Canada.. Except for the countries enumerated $3,128,000,000 at the end of 1925 and about above, the net changes were mostly small. $300,000,000 above the total reported holdings The stock of European countries as a group of such institutions at the' end of 1913, repreincreased slightly. The holdings of England senting an increase of approximately 10 per declined by $54,000,000, those of the Nether- cent over that vear, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1926 FEDERAL RESEEVE BULLETIN 271 GOLD RESERVES OF PRINCIPAL COUNTRIES, 1913-1925 [In thousands of dollars, converted at par of exchange] United States Czecho- Great slovakia: Britain: End of year T st o o t c a k l T F r a b r e e e n a s d I a d e n n e s r k r u v in s a e r l y In l a c ti ir o c n u- A N B u at s a i t o n r k i n a a n l A g B H u a a s u ri n t n a r k - n o- N B B a e a t l n i g o k i n u o ; m a f l N B B a u a t l n i g o k a n r o a i f a l M B n o O o a i a f n f n f n f i t k F i s h c c i i t e e e n - ry gN o B m a f t a D a io n r e k n k n a - l F B in a o l n a f k nd F B ra a o n n f c k e R G b e e a i r c n m h k s a - n c E r B u e n a n s r a g e n r o n e r l k t d a v n e n o e c s d f y 1913. 1,924,361 2625,,443 661, 918 251,421 59,131 10,615 19,666 278,687 170,245 1914. 1,815, 976 504:,,672 311,304 213,757 56,619 10,615 24,506 8,299 802,591 498, 508 428,221 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 2 2 1 2 1 1 1 2 2 1 4 0 6 2 9 7 8 3 5 1 . . . . . . . . . . 4 4 3 3 2 3 3 2 2 2 , , , , , , , , , , 5 2 7 9 0 6 0 3 9 8 4 8 4 3 8 5 4 1 2 6 7 7 3 7 0 6 2 0 8 4 , , , , , , , , , , 7 4 4 4 5 2 9 4 8 8 1 4 7 0 1 0 8 3 4 4 4 4 7 6 0 1 9 9 8 2 2 3 3 3 3 1 2 2 , , , , , , , , 1 0 2 2 2 0 2 7 7 9 1 2 0 4 9 4 1 7 5 7 3 8 8 1 1 1 9 6 3 0! > E . . . ) 1 1 , , , , , , , , , , , , , , , , , , , 8 2 2 0 5 5 1 3 8 5 9 3 5 6 5 4 4 9 2 4 6 1 0 5 3 7 5 4 8 2 8 7 6 7 9 5 2 3 3 3 9 9 1 7 5 8 6 5 1 1 7 2 0 3 , , , , , , , , , 7 6 7 9 6 6 3 6 0 7 1 2 3 4 0 4 9 9 1 5 3 6 9 9 9 4 2 1 1 , , 5 3 6 1 0 3 13 4 5 5 5 8 5 8 3 3 , , , , ,0 7 i 1 7 1 7 1 l 7 1 5 1 1 5 l 9 4 6 9 7 1 8 5 5 5 5 5 5 5 5 5 5 1 1 2 0 2 1 0 0 1 1 , , , , , , , , , , 4 9 5 7 2 1 7 7 4 4 5 0 4 5 0 4 5 5 1 3 1 1 3 9 4 5 9 9 7 8 1 1 1 1 7 7 7 7 7 7 2 2 1 3 , , , , , , , , , , 1 1 4 3 7 5 1 7 1 3 4 4 1 7 6 3 5 2 9 5 1 1 5 3 9 5 4 4 2 2 3 2 2 1 4 1 0 2 2 , , , . , 0 8 5 7 5 5 7 7 4 4 4 4 3 5 5 4 4 5 5 5 6 6 6 6 2 6 0 2 6 6 2 1 0 1 9 , , , , , , , , , , 6 1 1 1 8 1 8 8 1 9 7 1 4 7 3 4 5 0 9 9 1 1 5 3 3 7 9 7 2 2 8 8 8 8 8 8 8 8 8 8 , , , , , , , , , , 3 3 2 2 2 2 2 2 2 2 7 5 4 9 9 9 9 9 9 9 1 4 2 9 9 9 9 9 9 9 6 7 6 6 7 7 9 6 6 6 8 0 9 1 9 0 6 6 5 3 5 0 8 0 4 9 7 4 2 9 , , , , , , , , , , 3 4 1 8 9 0 4 8 6 5 9 0 4 5 4 1 7 8 8 1 4 3 1 0 7 7 9 5 2 7 5 2 2 2 2 1 1 5 5 5 5 3 9 2 3 8 1 8 7 8 9 8 9 7 7 0 1 0 1 2 , , , , , , , , , , 4 9 1 9 2 0 7 5 8 8 5 3 0 3 4 2 6 1 7 6 4 6 2 9 7 8 8 9 3 1 4 4 3 7 7 5 5 7 7 7 6 5 2 0 5 5 8 6 2 8 2 1 2 2 7 4 9 3 3 3 , , , , , , , . , , 5 0 4 9 7 2 6 2 9 .> 3 9 0 7 1 0 3 1 1 7 3 4 0 0 9 5 2 1 2 9 1925. 4,408,696 2,870,328 I 1538,368 2,087 52,855 7,932 30.575 56,085 8,357 710,968 287,763 703,482 Banks of Italy, Naples, End of year B G ti a N r o n e n a k e - a c o l e f B t H i g a N o u n a a n n r k - - a y l of t S i a a N o i n n c a n d d i - a ly l B N l a e a n t n h k d e s o r- f N B o an rw k a o y f B P t a i o N o n l n a a k - n a o l d f B P a o n r k tu o - f B m ti a R N o a n u a n n k - - a i a l of R B S u t a s a s n t i k e an B S a p n a k i n of Sw R ba i e k n d s k i - sh B e S t a i r N w o l n a n i a k n t a - z d o l - f Y t s B i l N o a u a a n v g n - a i o k a l - Treasury 1913... 5,211 288,103 60,898 12,846 8,760 29,242 786,800 92,490 27,372 32,801 1914.. 7,527 299,759 83,663 • 11,181 9,261 29,714 803,400 110,444 29,088 45,922 1915... 11,194 293,453 172,530 18,028 9,261 36,264 831,200 166,414 33,385 48,275 1916... 11,580 255,772 236,217 33,027 9,261 22 758,396 241,424 49,183 66,585 1917... 12,159 238,931 280,689 31,214 9,261 2 667,041 379,597 65,513 69,025 1918... 10,422 243,566 277,155 32,691 2 430,072 76,532 80,041 1919. 11,001 203,441 256,204 39,590 1,667 200 472,041 75,350 99,779 1920.. 11,001 204,362 255,729 39,472 2,858 9.266 329 474,228 75,516 104,780 12,352 1921. 10,808 210,739 243,600 39,475 5,955 9.267 329 484,984 73,631 106,058 14,282 1922.. 6,058 217,284 233,880 30,4.74 9,769 9,267 7,585 2,607 487,278 73,,428 103,283 12,354 1923.. 7,250 215,699 233, 876 39,472 13,078 9,267 24,563 45,043 487,841 72,853 103,669 13,286 1924.. 7,680 7,460 218,382 202,854 39,457 19,949 9,267 26,020 73,050 489,292 63,508 97,642 13,965 1925.. 8,875 10,365 218,825 178,080 39,456 8 25,793 9,267 26,735 94,095 489,631 61,646 90,140 14,657 End of year c o M C h f b a i a a a f n n r i n n n i t a d e s k a d t r n s e e a c r d : e A m G v r e f g e o n u r e v t s n n e i d c o t r o i n n n n - e - c G B u t f u r e r u r a e a n e r z d n a o il c f n : y - C G v m e f h c o u r o i e v s n l n i e n e d o - a r t n n n - p g o B U u R f u a b r e a t n u - l h y k i - e c : A r u e N s s e t o r r a t v e l e i s a: N r b e e l a s w a e n n r Z k d v s e e a- G r I r e m o n u s v d e p e e r n i e v a r e t n : e - D h B a J o o o a a n l f t m d n h p d t k i e e a h n s o n e o g f t f i s c B Ja a o v n f a k E t B i N g o a o y n a n f - a p k l t R A b S s j e o a a t f o s o r n i n u e i n c d c k r t k t a h v s - : e Total Govern- Bank ment 1913 142,517 224,989 * 53,202 10,826 21,899 3 25,306 72,780 64,963 10,027 10,381 « 39,905 5,421,248 1914 137,872 213,906 * 26,601 1,330 13,483 38,932 27,739 30,202 64,062 12,418 21,750 6 43,799 5,921,145 1915 169,128 •14,598 1,330 22,530 73,484 33,092 41,361 68,187 18,804 35,096 8 44,772 6,862,300 1916 176,064 251,158 * 14,598 1,330 33, 251 78,351 36,012 113,411 28,984 29,164 6 34,066 7,190,850 1917 195,172 252,390 *14,598 9,039 42,003 85,650 39,419 86,712 229,981 37,051 19,278 30,172 7,641,923 1918. 190,688 269,628 15,571 23,413 46, 718 104,143 39,419 63,842 225,821 51,600 16,312 33,579 7,224,527 1919 192,265 299,119 15,571 24,384 56,756 116,796 38,932 96,205 349,947 69,817 16,312 35,525 6,978,234 1920 175,187 450,057 19,464 32,893 57,307 115,336 37,472 116,249 551,840 88,214 16,807 50,612 7, 670,570 1921, 154,723 450,057 25,303 34,025 59,494 113,389 37,472 118,341 610,663 58,728 16,807 57,911 8,424,829 1922 222,050 450,057 27,401 34,025 56,807 116,499 38,367 118,341 605,678 61,306 16,619 50,782 8,770,836 1923 171,191 454,035 48,665 34,025 56,812 121,088 38,294 108,609 600,194 62,869 16,510 51,838 9,000,423 1924, 192,504 435,880 53,799 34,025 56,809 '130,904 37,581 108,609 585,738 53,726 16,510 52,441 9,380,964 1925 203,495 435,880 56,451 34,025 56,811 §164,828 37,589 108,609 575,768 73,394 16,510 43,594 9,343,399 » Austrian account only. 2 Oct. 16-29. 3 Includes 54,912,948.87 zlote ($10,598,000) held abroad. 4 Conversion fund. « Mar. 31,1914. 6 Includes a small amount of gold held abroad. * Includes $9,704,000 in banking department. 8 Includes $36,990,000 in banking department. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

272 FEDERAL EESEB.VE BUI/LETIN APEIL, 1926 FINANCIAL STATISTICS FOR PRINCIPAL FOREIGN COUNTRIES [Bank figures are for the last report date of month, except for London clearing banks, which are daily averages ENGLAND GERMANY [Millions of pounds sterling] [Millions of reichsmarks] 1926 1925 1926 1925 Febru- Janu- Decem- Febru- Febru- Janu- Decem- February ary ber ary ary ary ber ary Bank of England; Reichsbank: Issue department- Gold at home . „__ 1,192 1,112 1,111 700 Gold coin and bullion 143 143 143 127 Gold abroad 190 143 97 207 Notes issued.. 163 163 163 147 Reserves in foreign exchange..... 461 418 403 302 Banking department— B ills of exchange and checks..... 1,346 •1,464 1,915 1,737 Gold and silver coin___ 1 1 2 2 Miscellaneous assets 783 609 590 1,684 Bank notes... ._-. 22 21 17 22 Deposits_«-. 586 579 697 918 Government securities 38 46 64 42 R eichsmarks in circulation_ _ _. 2,822 2,649 2,960 2,106 Other securities _ 79 74 103 74 Rentenmarks in circulation 1,587 1,589 1,609 1,967 Public deposits 16 23 8 16 Reichsbank clearings - 3,886 4,177 4,398 3,637 Other deposits __«. 106 101 161 106 6 Berlin banks: * Ratio of gold and note re- Cash 249 85 serve to deposit liabilities Bills. . . . . _ . . 1,247 883 (per cent) _ 18.9 18.1 11.5 19.4 Due from other banks 642 624 Bank notes in circulation1 85 85 88 98 Miscellaneous loans 2,383 1,874 Currency notes and certificates 284 286 297 281 Deposits -..__. 4,686 3,571 Nine London clearing banks: Index of security prices (Jan. 2,1925= Money at call and short notice._. 110 113 118 121 100) (per cent) - - 72.61 71.62 58.56 101.47 Discounts and advances 1,073 1,088 1,078 1,055 Capital issues ..... 20 20 16 Investments 255 262 261 287 Total deposits.— 1,606 1,637 1,647 1,643 Total clearings 3,140 3,548 3,316 i Bimonthly statements. Government floating debt: Total., 729 785 817 760 ITALY Treasury bills „ 582 639 636 592 Temporary advances 147 146 181 168 [Millions of lire] Index of security prices (December, 1921=100) (per cent)..-.. 117.6 117.5 116. 5 117.9 Index number of foreign exchange. 1926 1925 value of the pound sterling (per cent) K. _.___...-_.. 100:0 Janu- Decem-Novem- Janu- 1 Notes issued, less amounts held in banking department and in cur- ary ber ber ary rency note account. 2 New series. FRANCE Banks of issue: [Millions of francs] Gold reserve * 1,134 1,134 1,134 1,131 Total reserve _ _ ._ 2,026 2,041 2,070 1,819 Loans and discounts,._ _.=„__ 11,589 10,477 9,666 7,626 Bank of France: Note circulation for commerce .. 12,287 12,134 10, 500 Gold reserve L... .._.._... 3,684 3,684 3,684 3,681 Note circulation for the State 7,065 7,063 7,067 7,146 Silver reserve .... 329 325 321 306 Total deposits.___-„—.._._--_-. 2,466 2,366 2,806 War advances to the Government- 34,500 34,200 35,950 21,900 Leading private banks: Note circulation....... 50,991 50,618 51,085 40,792 Cash -_.„_..._„„„ 1,051 1,246 Total deposits -.._._._. 3,013 3,188 3,335 2,028 Loans and discounts 9,086 9,065 Three commercial banks: Due from correspondents 4,217 4,089 Demand deposits. 19,980 19,210 14,622 Participations __„»_ 516 404 Bills _„__... _.__ 13,221 10,280 Total deposits 13,271 13, 284 Other loans 4,862 4,397 State note issue. - - .. 2,100 2,100 2,100 2,400 Clearings, daily average of Paris Index of security prices (per cent)--— 205 216 230 259 1,554 1,855 1,027 Price of 3 per cent perpetual rente____ 49.00 49.15 48.35 48.10 * Not including gold held abroad. 1 Not including gold held abroad. JAPAN CANADA [Millions of dollars] [Millions of yen 1926 1925 1926 1925 Ja a n ry u- De b c e e r m-No b v e e r m- Ja a n ry u- Fe a b ry ru- Ja a n ry u- De b c e e r m- Fe a b ry ru- Chartered banks: Gold coin and bullion J_ ..... 62 69 60 53 Bank of Japan: Current loans and discounts.__„_... 1,123 1,142 1,130 1,114 Gold at home and abroad .... 1,057 1,057 1,057 l,05§ Money at call and short notice 377 394 392 319 Advances and discounts 330 374 456 507 Public and railway securities 563 550 559 542 Advances on foreign bills.. 147 172 207 82 Note circulation 161 174 184 155 Notes issued... ..... 1,293 1,388 1,500 1,297 Individual deposits 2,168 2,270 2,313 2, 083 Total deposits 769 713 736 932 Gold reserve against Dominion notes. 127 135 132 131 Total note and deposit liabilities. 2,062 2,101 2,236 2,229 Dominion note circulation _ 214 227 226 222 Tokyo banks: Bank clearings 2 __. ... 1,331 1,898 1,670 1,410 Cash on hand . « _. 116 127 117 110 Bank debits 2 2,368 3,121 2,787 2,230 T To o t t a a l l l d o e a p n o s si . t - s . „. __ _„_ . 2 1 , ,9 4 5 4 9 9 2 1 , , 4 9 1 2 6 2 2 1 , , 4 90 0 8 3 2 1 , , 3 8 9 6 2 1 Total clearings. _ .- 3,245 2,743 3,853 2,552 1 Not including gold held abroad. 2 Total for month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1926 FEDERAL RESERVE BULLETIN 273 CONDITION OF CENTRAL BANKS IN OTHER COUNTRIES 1926 1925 1926 1925 Febru- Janu- De- Febru- Febru- Janu- De- February ary cember ary ary ary cember ary Austrian National Bank (mil- National Bank of Hungary (millions of schillings): lions of pengos): Gold 15 15 15 11 Gold 76 59 59 48 Foreign bills 541 520 558 473 Foreign bills, etc 173 194 207 159 Domestic bills __ . .. 111 144 180 128 Loans and discounts 149 151 134 134 Treasury bills . 188 187 188 215 Advances to Treasury 154 156 156 158 Total principal earning assets 838 851 926 816 Other assets.. _ __ _ _. 275 280 327 267 Notes 812 823 890 796 Note circulation.^. „ 394 405 416 339 Deposits 28 45 55 32 Deposits. _ 207 195 214 203 Total note and deposit liabilities. 840 868 94? 828 Miscellaneous liabilities 199 213 227 203 National Baefe of Belgium (millions of francs): Hauls of Java (millions of florins): Gold 274 274 274 ; 272 Gold . . . 202 183 134 Foreign bills and balances Foreign bills 21 21 18 abroad 30 30 30 30 Loans and discounts. . 65 80 74 Domestic bills . _____ . 984 1,125 1, 036 1,325 Total principal earning assets 86 101 92 Loans to State 5,200 5,200 5,200 5,200 Notes 345 353 273 Notes --_ 7,415 7,462 7,471 7,599 Deposits 56 40 69 Deposits 162 344 556 260 Total note and deposit liabilities.. 401 393 342 Total notes and deposits __ 7, 577 7,806 8,027 7,859 National Bamk of Bulgaria (mil- Bank ©f Latvia (millions of lats): lions of leva): Gold 24 24 24 24 Gold 41 40 Foreign exchange reserve. _. 31 28 31 40 Foreign bills, etc 513 976 Bills 65 63 64 48 D omestic loans and discounts- 1,321 1,241 Loans 51 52 52 53 Advances to State 5,390 5 281 Note circulation... 29 29 29 29 Total principal earning assets 7,224 7,498 Government deposits 78 75 73 83 Notes 3,655 4,380 Other deposits.- 50 49 52 46 Deposits 2,598 2,059 Total notes and deposits 6, 253 6,439 Bank of'Lithuania (millions of li- Banking Office, Czeehoslovakla, tas): (millions of Czechoslovak crowns): Gold 30 32 32 31 Gold and silver 1,072 1,07! 1,032 1,029 Foreign bills 30 29 30 63 Balances abroad and foreign cur- Loans and discounts 49 50 49 37 rency 1,179 1,180 1,199 595 Total principal earning assets 79 79 79 100 Bills discounted 544 648 748 978 Notes—. _. 82 79 82 93 Advances on collateral ._ 378 422 458 542 Deposits 25 25 24 34 Note circulation 7,074 7,245 8,408 7,728 Total notes and deposits _ 107 104 106 127 Deposits. - _.- 1,070 1,228 742 633 Bunk of B&ezlg (millions of Dan- Netherlands B&ek (millions of zig gulden): florins): Balances with Bank of England.. 16 15 17 15 Gold . .. — 432 438 443 504 Foreign bills, etc 19 17 17 10 Foreign bills 203 248 247 128 Loans and discounts 15 19 .18 16 Loans and discounts 203 220 204 252 Tota N l o p t r e i s ncipal earning assets 3 3 4 2 3 3 6 2 3 3 5 5 3 2 0 6 T 1 o ta N l o pr t i e n s c . i . p _ al ea _ r ning a _ s _ se _ t - s 4 8 0 1 6 8 4 8 6 3 8 3 8 4 7 5 5 1 3 8 8 8 0 1 Deposits. 4 5 4 9 Deposits 77 96 42 64 Total note and deposit liabilities. 36 37 39 39 Total note and deposit liabilities.. 895 929 917 945 National Bank of Dtumark (millions of kroner): Bunk of Norway (millions of kro- Gold 209 209 209 209 ner): Foreign bills, etc 78 70 90 30 Gold —. 147 147 147 147 Loans and discounts - 110 117 121 262 Foreign exchange 90 60 55 31 Advances to State . „» 15 16 22 38 Domestic credits 286 298 320 370 mTo t N al o p te ri s ncipal earning assets 2 3 0 9 3 9 2 4 0 0 3 3 2 4 3 3 3 8 4 33 5 0 3 Tota N l o p t r e i s ncipal earning assets 3 3 7 3 6 0 3 3 5 3 8 5 3 3 7 6 5 3 4 3 0 6 1 8 Deposits 42 40 68 64 Deposits.. . 148 111 99 100 1 note and deposit liabilities 441 443 506 517 Total note and deposit liabilities 478 446 462 468 Bank of Finland (millions of Finnish marks): B G a o l l a d nces abroad and foreign 332 332 332 332 Se l s i c b o r r a Y s e ): Bank of Peru (millions of credits 1,227 1,361 1,408 907 Gold at home 4,047 4,050 3,938 4,094 Foreign bills _ _ 80 104 102 5 Gold abroad _ 759 728 705 982 Domestic bills 433 421 424 597 Bills.-.—. --. 2,565 2,506 2,822 1,462 State debts... 262 262 361 470 Note circulation 6,473 6,425 6,400 5,828 Note circulation.. _____.__.. 1,350 1,292 1,309 1,288 Deposits- 752 648 973 673 Demand liabilities 644 788 862 560 Total notes and demand liabilities. 1,994 2,080 2,171 1,848 Bank off Poland (millions of zlote): National Bunk of Greece (millions Gold 134 134 133 107 of drachmae): Foreign exchange, etc. __ __„. _ 60 61 70 206 Gold and balances abroad 2,361 2,080 Loans and discounts 323 315 326 315 Government loans and securities 3,799 3,811 Note circulation 377 362 381 550 Discounts and loans _ 3,322 2,924 Current accounts- Note circulation 5,339 4,979 Private ___.- ...» 88 94 84 48 Total deposits 3,380 3,610 Treasury,. . 7 17 5 Total note and deposit liabilities 8,719 8,589 Liabilities in foreign currency.... 42 36 36 9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

274 FEDERAL RESERVE BULLETIN APRIL,, 1926 CONDITION OF CENTRAL BANKS IN OTHER COUNTRIES—Continued .1926 1925 1926 1925 Febru- Janu- De- Febru- Febru- Janu- De- February ary cember ary ary ary cember ary Bank of Portugal (millions of es- South African Reserve Bank cudos): (thousands of pounds sterling): Gold.... ...— 9 9 Gold- ___„ .-.__. 8,116 8,164 8,957 14,073 Balances abroad- . 344 325 Foreign bills „.___— 5,587 6,131 6,319 1,718 Bills 156 155 Domestic bills. __ 1,825 1,314 1,286 2,197 Note circulation . .. - - _ 1,820 1,716 Total principal earning assets 7,413 7,445 7,605 3,915 Deposits.. -..-..-.„„ 78 81 Notes .___.„_—__-. 8,194 8,609 8,756 11,136 Deposits.. 6,121 6,018 6,796 6,578 National Bank of Hiimamta (mil- Total note and deposit liabilities. 14,315 14,627 15,552 17,714 lions of lei): Gold 568 567 567 563 Bank of Spain (millions of pesetas): Bills . —„—.... 8,199 8,230 8,313 7,243 Gold ._.. 2,537 2,537 2,537 2,536 Government loans 17,013 17,013 17,121 16,724 Balances abroad-_--_....-- 29 29 29 30 Note circulation . __ 19,989 19,881 20,222 19,122 Bills discounted.. .. 779 801 769 939 Deposits _ 8,784 8,659 8,594 7,588 Note circulation.... 4,373 4,406 4,423 4,472 Deposits _ 1,295 1,257 1,264 1,032 State Sank of Russia (note-issuing department; thousands of cher- Bank of Sweden (millions of kroner): vo G nt o s l i d ): 15,334 17,723 18,239 15,214 Gold Foreign bills, etc._-__-.- 2 1 3 8 0 3 2 2 0 3 2 0 2 2 0 3 3 0 2 1 3 4 4 9 Foreign currency _. 4,981 4,967 4,887 9,566 Domestic credits 434 430 B Lo a a n n k s n a o n t d e s d . i - s - counts 7 5 5 4 , , 8 1 9 1 2 4 5 7 1 5 , , 9 7 9 5 2 0 7 5 8 2 , , 1 3 3 1 6 5 3 5 1 6 , ,0 2 5 8 5 1 Tota N l o p t r e in s c .. i pal earning asse .- ts „_-_. 475 4 5 7 1 5 1 6 53 3 0 7 4 5 9 7 3 9 Na o t f io S n er a t l o s B s a C n r k o a o ts f * th a e n d K S in lo g v d e o n m es Tota D l e n p o o te s i a ts n d depo . s _ it liabilities.. 6 1 5 6 4 3 2 8 7 0 7 7 2 7 7 6 G 3 (millions of dinars): Gold - 77 77 76 72 Swiss National Bank (millions of Foreign bills, etc 353 353 367 352 francs): Loans and discounts-_-__ 1,330 1,310 1,371 1,355 Gold...... .„ ..__. 427 447 467 Advances to State 2,966 2,966 2,966 2,965 Total principal earning assets.—. 385 375 478 348 Note circulation..,-_ _ __ „_ 5,718 5,783 6,063 5,760 Notes _.-.„„- 775 776 876 819 Deposits 510 568 491 583 Deposits.-.. 103 127 80 Total note and deposit liabilities— 6,228 6,351 6,554 6,343 Total note and deposit liabilities.. 879 1,003 DISCOUNT RATES OF 31 CENTRAL BANKS [Prevailing rates, with date of last changel Country Rate I s n i n e c f e f — ect Country Rate I s n i n e c f e f — ect Country Rate I s n i n e c f e f — ect Country Rate I s n i n e c f e f — ect Austria 7H Mar. 31,1926 Esthonia 10 July 1,1925 Japan 7.3 Apr. 15,1925 Portugal 9 Sept. 12,1923 Belgium ____- Mar. 11,1926 Finland Oct. 29,1925 Java...—..- 6 May 3,1925 Rumania 6 Sept. 4,1920 Bulgaria 10 Aug. 31,1924 France 6 July 9,1925 Latvia 8 Feb. 16,1924 Russia _ 8 Apr. —,1924 Czechoslo- Germany. __ 7 Mar. 27,1926 Lithuania.. _ 7 Feb. 1,1925 South Africa 5H Nov. 21,1924 vakia 6 Jan. 13,1926 Greece 10 Aug. 18,1925 Netherlands 3H Oct. 2,1925 Spain-. 5 Mar. 23,1923 D D a e n n z m ig ark.. . 8 S Ja e n p . t . 19 8 , , 1 1 9 9 2 2 6 5 H In u d n i g a a .. r y _ 7 6 D O e c c t. . 21 3 , , 1 1 9 92 2 5 5 N Pe o r r u w . a .. y. __._ 6 6 J A a p n r . . 12 1 , , 1 1 9 9 2 2 6 3 S Sw w i e tz d e e r n la .. n . d . 4 3 M H O O c c t t . . 22 9 , , 1 19 9 2 2 5 5 England 5 Dec. 3,1925 Italv ... 7 June 18,1925 Poland 12 Aug. 12,1925 Yugoslavia.. 6 June 23,1922 Change.—National Bank of Belgium from 7 to 7}4 per cent on Mar. 11,1926; German Reichsbank, from 8 to 7 per cent on Mar."27,1926; Austrian National Bank, from 8 to 1XA per cent on Mar. 31,1926. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1926 ' FEDERAL RESERVE BULLETIN 275 FOREIGN TEADE OF PRINCIPAL COUNTRIES (UNITED STATES) FOREIGN COUNTRIES [Thousands of dollars] 12 months ended 1926 February— 12 months ended 1926 February— Febru- January ary 1926 1925 Fe a b ry ru- Ja a n ry u- 1926 1925 France (million francs): Imports ......... 5,244 4,483 47,198 39, 845 IMPORTS Exports, 4,409 3,868 46, 536 42,037 Germany (million gold marks): By classes of commodities: Imports ........... 721 733 12,117 10,487 Total. ................_ 388,503 416,766 4, 352, 295 3, 661, 686 Exports.. „ ..... 788 801 9,097 7,015 United Kingdom (thousand £ Crude materials i „.. 174,020 201,092 1,844,994 1,311,172 sterling): Foodstuffs, crude, and food Imports.. 96,845 117,689 1, 298,303 1,318, 657 animals. _.__—. 42,110 48,632 510,102 436, 607 Exports „_.,. 62, 814 60,380 757, 900 807,138 Manufactured foodstuffs _____ 35,998 425, 890 496,762 Keexports- _—_.._...._.. 13,221 11, 742 152,211 140, 591 Semimanufactures „__„__ 72,844 71,140 774, 630 657,908 Canada (thousand dollars): Finished manufactures..',. 63,531 67,076 800,243 759, 237 Imports .. ...... 70,709 69,736 911,107 799,248 By countries: Exports _-..- 85,716 1,310,459 1,079,089 Total Europe... 105,318 111,210 1,248,918 1,113,090 Japan (million yen): France.._—.._...__..__— 12,080 12,826 153, 485 152,109 Imports _ ...... 243 205 2,504 2,461 Germany.. —._._......._ 16,548 16,006 173, 376 138,776 Exports ...... ... 160 166 2,319 1,-903 Italy..................... 6,774 8,554 100,804 80,165 United Kingdom........_ 37,281 34,620 415, 477 370,201 Total North America. __ 87,047 73,559 980,426 981,998 Canada.... 37,646 35,576 460,906 400,957 12 months ended Total South America___..__.» 51,955 53,518 538,255 476,950 Janu- Decem- Janunry— Argentina................ .9,412 7,678 80,517 81,926 ary, ber, Total Asia and Oceania...... 132,612 162,083 1,488,846 1, 011, 055 1926 1925 Japan......... ....... 33,177 40,407 403,613 335,580 1926 1925 Total Africa —___.._. 11, 571 16,397 96,414 77, 595 EXPORTS Denmark (million kroner): Imports ........ 147 156 2,036 2,406 By classes of commodities: Exports.. 121 132 1,901 2,193 Total............ ......352,917 397,196 4,842,841 4,647,148 Czechoslovakia (million crowns): Imports ..... 1,117 1,979 17, 304 16,459 Crude materials i ........ 89,317 113,925 1,332,478 1,383,315 Exports . 1,179 1,950 18, 471 17, 742 • Foodstuffs, crude, and food Ssthonia (million Esthonian animals. __.__......_....... 12,172 15,845 295,901 414,306 marks) : Manufactured foodstuffs . 41,837 47,788 562,691 562,253 Imports..-.. 702 779 9, 594 8,195 Semimanufactures 47,917 51,853 656, 717 612,143 Exports ._-._ - 683 1,004 7,992 Finished manufactures....___ 154,576 158,708 1,899,994 1,583, 774 Finland (million finmarks): Reexports..................... 7,098 9,077 95,590 91,357 Imports- ....... 287 697 5,479 4,658 By countries: Exports -_ ... 197 327 5,526 Total Europe.. 171,968 199,794 2, 484, 002 2, 533,554 Hungary (thousand gold crowns): France—.__._—__ 21,724 29,731 279,903 290, 587 Imports.. -— 53,308 65, 482 731,000 718, 700 Germany 22,166 25,537 424,648 443,749 Exports ....... 53, 426 69,029 719, 200 577, 900 Italy „...___ 12,823 14,382 186, 536 200,129 Italy (million lire): United Kingdom......... 75,834 82,159 992,420 1, 022,823 Imports.— _._.__ 1,953 2,459 26, 299 20, 037 Total North America 82,588 84,780 1,153, 378 1,090,977 Exports.. 1,118 1,786 18, 275 14, 647 Canada 45,976 47,437 614, 241 Netherlands (million guilders): Total South America ._ 35,265 37,775 418,446 323,131 Imports 205 205 2,450 2,397 Argentina ..—— 10,885 14,938 151,752 122, 238 Exports.-. 122 141 1,784 1,684 Total Asia and Oceania _ 56,063 66,545 695,390 629, 769 Norway (million kroner): Japan „_ ..... 18,934 23,425 227, 573 227,176 Imports 106 94 1,399 1,557 Total Africa ______ 7,032 8,302 92, 480 69, 716 Exports ._—__.__.._.._ 77 72 1,029 1,083 Poland (thousand zloty): 1 Tndudes miscellaneous. I E m x p po o r r t t s s . . . . . ---1 6 5 8 9 , , 4 3 9 0 2 4 1 8 8 3 6 , , 0 7 3 0 9 4 1 1 , , 5 4 6 4 4 8 , , 9 3 7 4 6 4 1 1 , ,2 5 7 6 6 6 , , 8 5 9 3 4 1 Russia (thousand rubles): Imports ..— 61,000 55,900 766,138 Exports -.._--.„.-. 34,800 42,400 553,211 Sweden (million kronor): Imports.— __----. 107 120 1,438 1,426 Exports _— 76 117 1,352 1,273 Switzerland (million francs) : Imports........ . . 201 252 2,612 2,539 Exports..—.—... - 124 157 1,998 Australia (thousand £ sterling): Imports - 13, 495 14,775 159, 037 145,312 Exports. ._. 14, 636 14,675 154,979 141,150 Egypt (thousand Egyptian pounds): Imports--. - ...... 4,644 5,287 58,135 51, 546 Exports __—_—. 4,804 6,750 56,137 65, 223 India (million rupees): Imports,—. - - 225 161 2,244 2,455 Exports . 353 315 4,021 3,858 South Africa (thousand £ sterling): Imports.... .—.... 5,917 6,270 68,479 66, 350 Exports .-._....—. 7,098 9,266 85,062 71,477 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

276 FEDERAL RESERVE BULLETIN APRIL, 1926 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES ALL COMMODITIES J Pre-war—100] Europe Year and month A b ( u a g s s o t i l r s d i ) a g B iu e i l D - . g B a u r l i - a C v z a s e k lo c ia - h o J - m D a e rk n - i T (B E l r a n a o o n g d a f d - e rd ) l F a i n n d - B S t u t i a c r t e a i F a s l u r - an F a B c s l e e e o r d R a v e r e e r d - - [ B F S m u t G e t i r a a d c e e t n e a r i a l r y s - u a - ) l b H ( g g a a u s o r i n l y s d - ) Italy N la e n th d e s r- ( N w O o s a l r y o - ) Poland 1925 January 147 559 3,275 1,045 234 171 1,137 514 456 138 159 658 160 279 120 February 146 551 3,309 1,048 234 169 1,141 515 457 137 153 660 158 281 121 March 143 546 3,272 1,034 230 166 1,131 514 463 134 145 659 155 276 122 April 139 538 3,244 1,020 220 163 1,133 513 460 131 144 658 151 267 119 May _ 138 537 3,177 1,006 216 159 1,122 520 467 132 141 660 151 260 118 June 141 552 3.225 998 216 158 1,129 543 483 134 141 883 153 258 119 July _ . 137 559 3,041 1,009 206 158 1,118 557 490 135 136 707 155 254 120 August _,___ 131 567 2,870 993 189 157 1,142 557 491 132 134 731 155 245 124 September 127 577 2,834 996 168 156 1,133 556 482 126 135 721 155 231 127 October 127 575 2,823 989 163 155 1,121 572 482 124 131 716 154 221 128 November 125 569 2,822 977 158 154 1,118 606 498 121 129 712 154 217 137 December . 125 565 2,913 977 160 153 1,120 633 518 122 130 715 155 218 155 1926 January..... . 122 560 2,901 966 157 151 1,094 634 527 120 127 707 153 214 142 February 556 950 151 149 1,091 636 540 118 704 150 211 148 March . 145 Europe—Continued North and South America Asia L d Oceania Africa United Year and month Russia i Spain Sweden S l w an it d z e i r- o (B S S f t t u L a a r a t t e i e b s a s o - u rCanada Peru t A ra u l s i - a (S C h h h a a i i n n ) g a - D I E n u d a t i s c e t h s c I ( u n C t d a t i a l a - ) J k ( a T y p o o a - ) n Ze N a e la w nd E (C g a y ir p o t ) A So fr u ic th a tics) 1925 January . 172 191 169 171 160 166 199 163 160 178 171 213 178 157 130 February 178 192 169 171 161 165 194 163 159 177 172 210 175 161 March 183 193 168 170 161 162 206 160 160 179 168 204 175 155 April 195 190 163 166 156 157 208 158 159 175 169 202 175 154 130 May 197 191 162 163 155 159 200 159 158 174 164 199 175 151 June 191 187 161 162 157 159 200 163 157 173 157 200 174 150 July 188 188 161 161 160 158 198 162 163 175 160 198 175 151 127 August 175 184 159 160 160 160 200 162 160 176 157 200 175 151 September 173 185 157 159 160 157 205 162 160 175 158 201 175 152 October _„ 174 187 154 159 158 157 205 163 159 177 160 200 176 1.53 124 November 175 186 155 157 158 161 204 165 158 178 164 198 176 L45 179 187 156 157 156 164 203 170 158 163 194 176 140 1926 January 183 186 153 156 156 164 206 161 164 163 192 134 124 February 190 152 155 155 162 205 160 163 158 188 134 Anarch 151 204 1 First of month figures. The foreign index numbers of wholesale prices are cabled to the Federal Reserve Board by the various foreign statistical offices. Index numbers of commodity groups for most of the countries are also available in the office of the Division of Research and Statistics of the board, and may be had upon request. Wherever possible the indexes have been shifted from original bases to a 1913 base. Further information as to base periods, sources, number of commodities, and period of the month to which the figures refer may be found on page 48 of the January, 1924, issue of the BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APBIL, 1926 FEDERAL RESERVE BULLETIN 277 GROUPS OF COMMODITIES (Pre-war-100) UNITED STATES—BUREAU OF LABOR STATISTICS Year and month A m l o l d c i o ti m es - pr F o a d r u m cts Foods c C lo a l t o n h t d i h n s g lig F a h u n t e d in l g p M r m o a e d n e t u t d a a c l l s ts m Bu at i e ld ri i a n l g s C c h a a e n l m d s i- H f o u u r- se l M an i e sc o e u l s - 1925—February.. 161 162 157 191 178 136 183 135 173 125 September. 160 160 160 189 169 127 174 136 135 October..... 158 155 158 190 172 128 174 135 168 138 November, 158 154 160 188 175 130 176 135 166 142 December. 156 152 157 187 175 130 177 135 166 138 1926—January. „. 156 152 156 186 177 429 178 133 165 135 February,. 155 150 153 184 179 128 177 132 164 133 ENGLAND—BOARD OF TRADE Year and month A m l o l d e i o ti m es - T fo o o ta d l Cereals M a fi n e s d h at O f t o h od e s r T f n o o o t o a t d l s I a r te n o e d n l m m O i a n e t n e h t d a r e a l r s ls Cotton t O ex t t h i e l r es a O rt t i h cl e e r s 1925—February. 169 176 184 163 182 165 134 139 233 206 161 September 156 166 159 166 170 151 121 130 204 179 157 October. __ 155 164 148 167 176 150 120 131 194 181 158 November, 154 165 152 167 175 148 119 130 182 181 158 December., 153 167 158 173 169 146 118 131 175 178 156 1926—January... _ 151 182 154 165 167 148 119 131 175 176 153 February. 149 159 148 156 170 144 118 131 174 172 149 FRANCE—STATISTICAL BUREAU All com- All Animal Vegeta- Sugar, All in- Year and month modities foods foods fo b o l d e s c c o o f c fe o e a , m du a s te tr r i i a a l l Minerals Textiles Sundries 1925—February 515 467 446 487 ' 452 555 473 758 507 September - ; 556 492 486 490 495 608 522 807 566 October 572 $91 485 496 480 637 585 830 578 November -- 606 510 496 522 502 682 606 928 611 December 633 538 535 537 529 709 622 953 647 1926-—January 634 543 532 544 548 707 627 941 645 February 636 546 536 541 567 708 646 925 643 GERMANY—FEDERAL STATISTICAL BUREAU Fats, Colonial All com- Total Grains sugar, goods, Total in- Hides Metals Coal Year and month modities pro fo d o u d cts po a ta n t d oes m a e n a d t, c co o f c f o e a e , , p d r u o s d t u ri c a t l s lea a t n h d ers Textiles mi a n n e d rals i a r n o d n fish etc. 1925—February.. 137 135 130 137 179 139 135 134 122 September. 126 121 106 150 181 135 125 189 132 121 October. _. 124 118 103 146 181 134 123 192 131 120 November. 121 115 142 181 133 120 188 130 120 December. 122 116 103 137 183 131 116 182 128 120 1926—January... 120 115 101 134 185 130 113 176 128 120 February.. 118 113 134 183 130 110 172 127 120 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

278 FEDERAL BESEBVE BULLETIN APRIL, 1926 RETAIL FOOD PRICES AND COST OF LIVING RETAIL FOOD PRICES [Pre-war=100] European countries Other countries United c S i t t ( a 5 ie t 1 e s s ) (V A i u e s n t n r a ia ) • g B iu el m - 2 g B a u ri l a - l E a n n g d - 8 F (P r a a r n i c s e ) m G a e n r y - G ( e A r n e t s e h ) c - e I ( l t M a a n l i ) y - N la e e n r t d - h s - N w o a r y - R si u a s - a l S a z w n er d i - t * - a C d a a n - » t A ra u l s i - a ( I b B n a d o y m i ) a * l N Z a e e n a w d - S A o fr u ic th a 1925 Jan 151 27,168 140 3,131 178 408 137 1,506 590 156 277 205 172 145 148 152 147 120 Feb.- 148 27,065 137 3,163 176 410 145 1,510 610 157 283 208 172 147 149 152 146 120 Mar... 148 26,7fe6 134 3,128 176 415 146 1,562 624 157 284 211 171 145 151 155 149 121 148 26,448 127 3,100 170 409 144 1,478 620 155 276 217 169 142 152 153 149 124 May- 149 27,037 122 3,032 167 418 141 1,443 599 154 265 221 168 141 154 151 150 123 June... 152 27,031 127 3,083 166 422 146 1, 516 599 152 261 219 169 141 155 149 149 122 July— 157 26,550 130 2,906 167 421 154 1,515 602 152 260 218 169 141 156 152 151 120 Aug... 157 25, 739 135 2,744 168 423 154 1,511 621 152 254 210 169 146 156 147 152 119 Sept... 156 25,294 140 2, 710 170 431 153 1,544 643 152 241 208 170 146 156 146 153 118 Get-... 158 25,186 144 2,698 172 433 151 1,597 646 149 228 215 168 147 157 148 155 y 119 Nov 164 25,108 148 2,698 172 444 147 1,676 649 149 223 217 168 151 156 149 156 117 Dec... 162 25,373 148 2,785 174 463 146 1,718 660 148 221 224 167 156 155 151 154 116 1926 Jan 161 141 2,773 171 480 143 681 148 216 226 165 157 155 151 116 Feb 158 168 495 139 676 147 212 230 163 155 154 150 117 Mar 165 151 COST OF LIVING [Pre-war=100] European countries Other countries Massas c e h t u t - s g B iu e m l- C v o z a s e k lo c ia - h- . E la n n g d - 3t n E h i o s a - - l F a i n n d - F (P r a a r n i c s e ) m G a e n r- y G ( e A r n e t s e h ) c - e H ga u r n y - I ( l t M a a n l i ) y - N la e e n r t d - h s - N w o ay r- l P an o- d Spain S d w en e- l S a z w n e d r i - t * - a C d a a n 3 - A t l r u i a a s - - ( I b B n a o d y m ) ia - A So fr u ic th a 1925 Jan... 158 521 899 180 113 1,199 124 1,417 141 580 145 188 178 173 149 157 133 Feb.., 157 517 911 179 110 1,191 136 1,420 135 592 146 189 172 150 157 133 Mar1.. 158 511 90$ 179 114 1,210 386 136 1,449 132 602 179 271 147 192 172 148 ~150~ 159 133 Apr... 158 506 901 175 112 1,201 137 1,419 130 ,600 146 191 177 170 147 158 134 May_. 158 502 894 173 111 .1,176 136 1,408 131 591 143 188 170 146 156 134 June.. 159 505 914 172 112 1,191 390 138 1,448 130 596 179 259 144 190 170 146 "153" 154 134 July__ 160 509 916 173 114 1,218 143 1,472 126 598 146 190 176 170 146 157 133 Aug... 161 517 894 173 112 1,266 145 1,484 127 610 149 190 170 148 152 132 Sept.'. 161 525 884 174 110 1,242 4.01 145 1,503 126 624 179 248 149 190 170 148 "l54~ 151 132 Oct... 162 533 875 176 108 1,228 144 1,547 124 643 152 189 "175"" 168 M9 153 132 Nov.... 162 534 863 176 107 1,227 141 1,610 123 643 157 186 168 152 153 131 Dec... 165 534 866 177 109 1,197 421 141 1,644 123 649 177 234 173 183 168 154 155 131 1928 Jan 527 854 175 110 1,166 140 122 665 170 188 174 167 155 155 131 Feb 526 845 173 1,175 139 661 171 165 154 154 131 Mar 521 172 155 " 1 1 January, 1921=-100. 3 First of the month figures. 2 1921=100. 4 Revised index. NOTE.—Information as to the number of foods and items included, the origina ibase periods, and sources may be found on page 276 of he April, 1925, issue of the BULLETIN. The original bases of the indexes have been shifted to July, 1914, wherever possible. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

279 J, 1926 FEDERAL RESERVE BULLETIN BANKING AND FINANCIAL STATISTICS FEDERAL -RESERVE BANKS AVERAGE DAILY CONDITION FOR FEBRUARY AND JANUARY, 1926 [Amounts in thousands of dollars] Total bil i l t s ie a s nd secur- Total cash reserves Total deposits Fede in r a c l i r r c e u se la rv ti e o n n otes Reserv a e g ' e p s ercent- Federal reserve bank February January February January February January February January February January Boston 108,148 128, 673 207,586 191, 588 148, 884 148,192 153,527 162,934 68.6 61.6 New York 297,330 245, 922 957, 503 1, 030, 504 855, 864 872, 556 369,155 372,469 78.2 82.8 Philadelphia— 98,385 91,284 209,059 216, 724 134, 093 137, 443 149,403 148, 057 73.7 75.9 Cleveland . _ - 91, 998 105,029 313,020 306,099 181,330 177, 700 203,226 215,544 81.4 77.8 Richmond.. „ 53, 746 51, 912 103,989 106, 707 72,227 70,956 79, 436 85,034 68.6 68.4 Atlanta _ 74, 795 102, 598 173,667 144,451 85, 237 83,104 160,4.02 162,771 70.7 58.7 Chicago. _ _. 144,341 162, 760 367, 040 350, 208 328, 522 327,433 162,606 172,285 74.7 70.1 St. Louis 62,134 67, 946 66,293 61,063 85, 658 86, 804 37,309 38, 409 53.9 48.8 Minneapolis 30,887 34,384 93,191 93,443 54,274 55,560 64, 701 67,389 78.3 76.0 Kansas City.... 66, 678 68, 056 92, 297 94,157 91,859 91, 912 66,290 69, 768 58.4 58.2 Dallas 52, 948 63,163 59, 760 52, 628 64, 244 64,389 39, 977 43, 975 57.3 48.6 San Francisco . 94,938 109, 610 282,124 274,926 172, 536 173, 249 189, 554 198,018 77.9 74.1 Total: 1928 1,176,328 1,231,337 2, 925,529 2, 922,498 2, 274, 728 2, 289, 298 1, 675, 586 1, 736,653 74.1 72.5 1925________ 1, 050,323 1,072, 077 3, 041, 913 3, 072, 677 2,233, 531 2, 276, 911 1, 714, 929 1, 754,356 77.0 76.2 1924 921, 588 1, 000, 668 3, 239, 282 3, 241, 596 1, 954, 479 1, 979, 913 2, 034, 540 2,112,873 81.2 79.2 1923........ 1,152, 862 1,191,191 3, 208, 682 3, 201, 969 1, 969, 757 1, 981, 717 2, 244, 733 2, 288, 527 76.1 75.0 1922 1, 215, 221 1,304,165 3, 070, 045 3, 043, 984 1, 814, 446 1, 800, 989 2,176,529 2, 272, 057 76.9 74.7 1921 2, 869,233 3. 034, 65p 2.343. 537 2, 287, 274 1, 804, 476 •1,822,600 3,068, 578 3,177, 656 1 49. 6 !47.5 1920. _„_-_- 3,154,054 3,043, 952 2, 053,422 2, 098, 498 2, 002,503 2, 027, 861 2, 946, 863 . 2,887, 846 143.3 i 44. 9 1 Calculated on basis of net deposits and Federal reserve notes in circulation. FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS RESOURCES [In thousands of dollars] Total Boston Y Ne o w rk d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - la A n t- ta C ca h g i o - L S o t u . is M ap i o n l n is e- K C a i n t s y as Dallas F c S i r a s a n c n o - Gold with Federal reserve agents: Feb. 24 1,406,149 104,350 299,433 124,518 191,117 58,411 131,308 129,509 16,593 61,071 48,634 24,998 216,207 Mar. 3 1,383,170 105,983 309,315 120,701 192,208 130,248 129,467 15, 715 62,349 44,850 25,596 189,753 Mar. 10 1,408,708 112,813 329,315 121,756 192,666 55,993 134,925 129,467 15,251 62, 690 46, 587 24, 676 182, 569 Mar. 17 1,432,402 119,295 379, 220 117,940 190,089 50,162 125, 032129,420 15, 061 62,006 45, 775 26,466 171, 936 Gold redemption fund with U.S. Treasury: Feb. 24 46,334 8,265 12,913 6,294 1,359 2,716 2,619 4,493 326 1,010 3,419 1,854 1,066 Mar. 3 50,723 6,018 11,813 3,145 3,508 3,555 1,232 1,465 3,859 1,743 2,503 Mar. 10 50,406 8,3211 10,435 9,926 3,592 3,059 3,192 2,720 1,213 1,731 2,028 3,304 Mar. 17 58,431 11,051! 9,206 12, 776 4,761 1,609 3,062 6,563 870 2,088 1,489 3,876 Gold held exclusively against Federal reserve notes: Feb. 24 1,452,483 112,615, 312,346 130,812 192,476 61,127 133,927 134,002 16,919 62,081 52,053 26,852 217,273 Mar. 3 1,433,893 112,001 321,128 129,597 195,353 59,971 133,756 133,022 16,947 63,814 48,709 27,339 192,256 Mar. 10 1,459,114 121,134 339,750 131,682 196,258 59,052 138,117 132,187 16,464 63,575 48,318 26,704 185,873 Mar. 17_- 1,490,833 130,346 388,426 130,716 194,850 51,771 128,094 135,983 15,931 63,086 47,863 27,955 175,812 Gold settlement fund with Federal Reserve Board: Feb. 24 674,072 48,324 205,661 42,612 64,523 28,824 34,422 152,175 11,899 23,633 27,692 15,172 19,135 Mar. 3 688,567 59,030 244,862 43,716 51,748 27,300 30,729 127,093 17,031 20,988 25,672 18,169 22,229 Mar. 10.. 692,997 62,935 225,385 44,760 47,938 i 23,454 35,916 150,175 16,184 24,184 11,386 24,791 Mar. 17 . 48,264 189,259 51, 541 46,179 30, 280 32,665 153,208 16,067 19,945 41,450 21,813 37,928 Gold and gold certificates held by banks: Feb. 24 _. 640,048 42,323 368,325 28,135 48,346 4,365 3,333 66,234 17,407 7,059 4,624 10,005 39,892 Mar. 3 642,324 44,634 363,227 28,790 49,998 4,715 3,617 70,140 15, 821 6,892 5,313 10,070 39,107 Mar. 10 647,047 46,402! 366,4571 26,111 48,187 { 5,f" 4,075 71, 633 17,371 6,798 6,174 10,086 38,673 Mar. 17 . 631,833 43,265i 352,910 i 25,901 49,105! 4,1 3,777 72,257 17,921 7,269 5,812 10,200 38,830 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

280 FEDERAL RESERVE BULLETIN APRIL, 1928 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued RESOU ECES—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is M ap i o n l n is e- K C a i n t s y as Dallas F c S r is a a c n n o - Total gold reserves: Feb. 24 2,766,603 203, 262 201,559 305,345 94,316 171,1 352,411 46,225 92,773 84,369 276,300 Mar. 3 2,764,784 215, 665 929, 217 202,103 297,099 91,986 168,102 330,255 49,799 91,694 79,694 253,592 Mar. 10 - - 2,799,158 230,471 931,592 202,553 292,383 87, 586178,108 353,995 50,019 94,557 80,381 249,337 Mar. 17 2,811,265 221,875 930,595 208,158 290,134 86,637 164,536 361,448 49,919 90,300 95,125 252,570 Reserves other than gold: Feb. 24 149,907 20,442 40,558 5,018 7,445 7,252 9,206 21,544 1.7,132 2,670 4,584 7,715 Mar. 3 - 148,754 19,660 40,616 4,786 8,125 7,392 8,831 20,743 18,037 2,729 4,761 7,087 Mar. 10 151, 682 18, 693 42,427 4,641 6,843 8,740 9,837 21,522 18,525 2,861 4,576 7,203 Mar. 17 153,392 18,604 43,034 4,572 9,168 8,867 8,820 20,598 18,923 2r~~ 4,722 ^7,385 Total reserves: Feb. 24 —— 916,510 223,704 926,890 206,577 312,790 101,568 180,888 373,955 63,357 95,443 88,953 58,370 284,015 Mar. 3.—- --- 913,538 235,325 969,833 305,224 99,378 176,933 350,998 67,836 94,423 84,455 61,565 260, 679 Mar. 10 ._. • 950,840 249,164 974,019 207,194 299,226 187,945 375,517 68,544 97,418 84, 957 53,990 256, 540 Mar. 17.— - -• 964,657 240,479 973,629 212,730 299,302 i5,504173,356 382,046 68,842 93,108 99,847 65,859 259,955 Nonreserve cash: Feb. 24 66,298 4,679 23, 568 2,444 2,926 4, 4,218 10,375 3,642 971 2,434 3,312 Mar. 3_. - -• 65,296 4,948 23,984 3,934 4,531 3,799 9,070 3,644 934 2,382 3,501 Mar. 10—— 5,594 27,074 1,982 3,009 4,386 4,615 8,404 3,731 1,260 2,662 3,693 Mar. 17 -• 5,245 24,580 2,052 4,247 4,392 3,897 8,936! 3,629 1,119 2,457 2,831 3,401 Bills discounted: Secured by TJ. S. Government obligations— Feb. 24 311,570 13,796 159,628 34, 241 22,586 14,159 7,035 27,561 10,676 2,484 10,302 474 8,628 Mar. 3 - 319,423 14, 035 131,791 32,045 27, 618 14,795 7,054 54,408 10,349 6,268 12,672 827 7,561 Mar. 10 - 263,904 13,881 115,039 30,159 24,643 14,681 4,393 37,681 8,821 76f 742 8,167 Mar. 17... 260,479 15,241 76,""" 33,565 29,008 15,721 13,059 33,406 12,341 3,591 888 20,462 Other bills discounted— Feb. 24.. 228, 513 30,743 41,332 22,156 20,151 21,855 18,366 27,270 13,429 3,340 7,784 5,256 16,831 Mar. 3 _..,. 263,791 22,054 40,785 21,842 21,002 28,622 26,001 34,259 15,258 4,250 9,886 5,817 34,015 Mar. 10... 238,521 40,979 20,958 27,364 28,969 25,943 11,393 3,114 9,210 5,963 29,378 Mar. 17 220,136 8,493 27,858 23,074 19,224 29,302 30,242 21,645 13,271 3,143 5,683 29,352 Total bills discounted: Feb. 24 -- 540,083 44,539 200, 960 56,397 42,737 36,014 25,401 54,831 24,105 5,824 18,086 5,730 25, 459 Mar. 3-..———- 583,214 36,089 172,576 53,887 43,417 33,055 25, 607 10,518 22, 558 6,644 41,576 Mar. 10— — 502,425 22,311 156,018 51,117 52,007 43, 650 30,336 64,501 20, 214 3,876 14,145 6,705 37, 545 Mar. 17 _-_— -- 480, 815 23, 734 104,190 56, 639 48,232 45,023 43,301 55, 051 25, 612 6,734 15, 714 6,571 49, 814 Bills bought in open market: Feb. 24 304,128 47,316 73,420 19, 754 18,025 9,634 26,269 31,376 16,458 7,120 15, 274 16,596 22,886 Mar. 3. 286,607 43,37< 67,263 19, 299 19,124 9,374 22,312 31,092 13, 797 7,047 14, 739 14,194 24, 991 Mar. 10 - 284,520 40,595 69,140 19, 717 21,009 10,841 18,499 30,234 14,300 7,""" 13,896 13, 723 24,592 Mar. 17 - --- 257,138 40,506 57.410 16,426 20,883 10,223 14,851 13,363 7,430 12, 731 12,082 22, 646 U.S. Government securities: Bonds— Feb.24__.._. 60,213 572 1,93. 604 1,240 959 20,190 2,035 7,665 8,388 8,051 472 Mar. 3 60,285 572 1,93 604 8,103 1,240 1,001 20,190 2,035 7,665 7,579 474 Mar. 10. 60,437 572 1,934 604 8,103 1,240 1,006 20,190 2, 035 7,665 8,938 7,676 474 Mar. 17 63,831 571 1,934 604 8,103 1,240 990 22,890 2,03" 7"~ 8,636 476 Treasury notes— Feb. 24.--.. 174, 954 2,154 43,314 3,637 18, 655 3,06' 9,163 15, 906 13,420 6,415 16, 946 15,898 26,379 Mar.3 171,432 2,438 38,172 3,638 18, 655 3,061 9,165 17,390 13,420 6,415 16, 946 15,74" 26,379 Mar. 10 — 187,335 1,768 41,202 3,778 19, 704 3,431 10,248 18,673 15,120 7,227 18,822 17,89: 29,465 Mar. 17 ---- 75,418 597 15,459 470 11, 796 1,38! 3,887 7,817 5,673 2,711 7,163 6, 658 11,805 Certificates of indebted- Feb. 24.. 95,418 5,312 15,398 14, 822 4,801 1,136 5,043 6,256 8,45 ,9 8,126 6,483 17.091 Mar.3__ 94, 041 5,25' 14,243 14, 821 4V, 8"01" 1,136 5,042 6,441 8,45 2,49 8,126 6,132 17.092 M M a a r r . . 1 1 7 0 - - 2 1 1 11 3 , , 8 3 9 2 4 8 5 5, ; 3 4 8 3 6 ! 11 1 6 8 , , 1 7 6 4 1 4 1 1 6 6 , , 9 9 2 1 7 3 5,595 1 1, , 4 4 1 4 6 8 5 7 , , 9 0 6 1 5 3 1 7 0 , , 2 9 9 5 9 3 9 9, , 7 8 3 8 3 3 , , 1 1 8 1 6 3 9 9, , 5 7 4 1 6 4 7 7 , , 6 8 4 2 0 0 1 19 9 , , 7 9 0 2 4 6 Total TJ. S. Government securi ties: Feb. 24 330,585 60, 646 19,063 31,559 5,443 15,165 42,352 23, 901 16,57* 33,460 30,432 43, 942 Mar.3 325, 758 8,26' 54, T • • 19, 063 31,559 5,443 15,208 44,021 23,907 16,57i 33,960 29, 458 43,945 Mar. 10 359,666 7,77 61,297 21,309 33,496 6,125 17,219 46,816 27,044 18,07£ 37,474 33,387 49, 643 Mar. 17 352,577 6,554 134,137 17, 987 25,494 4,038 11,890 41,006 17,44, 13, 48$ 25,396 22, 934 32,207 Other securities: Feb. 24 3,150 3,050 100 Mar.3 3,150 3,050 100 Mar. 10 . 3,150 3,050 10© Mar. 17.. 1,610 3,050 560 Foreign loans on gold: Feb. 24.....„.„. --. 7,100 1,917 660 760 37( 291 234 249 497 Mar.3. . 8,700 2,384 827 931 46: 348 1,192 278 339 305 600 Mar. 10. 8,798 2,411 836 941 466 352 1,206 28: 343 308 607 Mar. 17 .... 7,700 585 2,110 732 824 408 308 1,055 24( 300 270 531 Total bills and securities: Feb. 24 1,185,046 100,41 336,943 '8,924 93,081 51,467 67,126 129,53' 64,797 29,75e 67,204 53,007 92,784 Mar.3 1,207,429 88,392 296,572 18,126 100,234 58,695 70,923 164,97! 63,681 34,421 71,696 50,601 111,112 Mar. 10 1,158,559 71,353 288,866 16,029 107,453 61,085 66,406 142,757 61,93* 30,20! 65,958 54,123 112,387 Mar. 17 1,101,640 71,37! 297,847 14,834 95,433 59,695 70,910 125,69S 56,751 27,891 54,141 41,857 105,198 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

281 APBIL, 1926 FEDERAL EESEEVE BULLETIN FEDERAL RESEKYE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued 'RESOUBCE8—Continued [In thousands of dollars] San Total Boston Y N o ew rk - d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is M ap i o n l n is e- K C a i n ty sas Dallas F ci r s a c n o - Dues from foreign banks: Feb. 24._ 780 780 Mar. 3 749 749 Mar. 10 . 737 737 Mar. 17... .. ... 712 712 Uncollected Items: Feb. 24....... _ .. ... 697,429 62,889 156,025 63,220 69,282 55,013 43,001 90,963 38,331 12,396 40,422 28,796 37,091 Mar. 3 _ 711,125 61,469 155,005 63,450 75,979 56? 112 38,790 97,727 34,681 13,282. 49,198 26,348 39,084 Mar. 10 628,454 54,594 140,105 57,152 54,620 54,655 36,501 76,890 32,227 12,655 42,569 26,363 40,123 Mar. 17.___ ............... 831,669 73,657 197,767 80,691 75,990 67,453 45,642 114,731 38,733 15,071 44,618 31,597 45,719 Bank premises: Feb. 24 ............. 59,368 4,068 16,666 1,480 7,409 2,364 2,748 7,933 4,111 2,943 4,636 1,793 3,217 Mar. 3 . 59,368 4,068 16,666 1,480 7,409 2,364 2,748 7,933 4,111 2,943 4,636 1,793 3,217 Mar. 10. ... 59,406 4,068 16,666 1,505 7,409 2,364 2,761 7,933 4,111 2,943 4,636 1,793 3,217 Mar. 17 59,406 4,068 16,666 1,505 7,409 2,364 2,761 7,933 4,111 2,943 4,636 1,793 8,217 All other resources: Feb. 24.. 17,008 92 4,473 362 1,180 375 1,129 2,220 433 • 2,381 451 456 3,458 Mar. 3 .... „ 16,918 86 4,565 330 1,187 382 1,103 2,096 431 2,327 539 446 3,426 Mar. 10 17,775 89 5,521 334 1,203 381 1,098 2,042 432 2,252 543 475 3,405 Mar. 17 . 14,134 94 2,495 294 846 364 1,076 1,967 409 2,352 480 376 3,381 Total resources: Feb.24... . 4,942,439 395,8501,465,345 373,007 486, 668 215, 592 299,110 614,985 174, 671 143,890 204,100 145,346 423,875 Mar. 3 ....... . . . 4,974,423 394,2881,467,374 370,355 493,967 221,462 294, 296 632,796 174,388 148,330 212,906 143,242 421,019 Mar. 10 . 4,884, 769 384,8621,452,988 364,196 472,920 219,194 299, 326 613,543 170,981 146,737 201,251 139,406 419,365 Mar. 17...— . 5,039,004 394,9221,513,696 392,106 483,227 229, 769 297,642 641,312 172,475 142,492 206,179 144,313 420,871 • LIABILITIES Federal reserve notes in actual circulation: Feb. 24...—•___.__._..1,679,362 161,577 148,131 208,223 78,179 159,518 162,381 64,31! 65,629 39,435 188,103 Mar. 3 1,675,354 157,404 371,283 145,049 203,448 77,556 160,832 163,046 37,043 64, 519 65,165 39,338 190,671 Mar. 10-.—................ 1,671,754 155,036 371,325 145,993 204,189 78,235 161,213 164,209 36,974 64,222 64,740 38,508 187,110 Mar. 17—................... 1,659,210 153,518 371,788 145,861 199,058 77,331 160,309 163,632 37,118 64,109 64,194 37,649 184,643 Deposits: Member bank—reserve account— Feb. 24—............... 2,202,879 139,932 853,125 130,849 172,405 65,055 79,208 317,159 81,521 54,146 86,305 61,400 161,774 Mar. 3................... 2,224,329 142,475 856,855 132,655 179,034 70,680 80,234 324,041 83,347 52,113 87,135 58,703 157,057 Mar. 10 2,209,698 141,195 852,587 129,920 177,130 321,176 82,506 50,893 83,519 60,013 156,982 Mar. 17. 2, 230,282 141,489 867,825 137,427 174, 542 68,358 81,086 327,301 80,127 51,920 85,405 58,582 156,220 Grovernment— Feb. 24 .___ 36, 670 6,685 3,833 750 1,393 4,741 6,715 1,804 2,380 1, 540 680 1,589 4,560 Mar. 3 52,472 8,041 4,230 2,595 3,519 6,264 10,868 2,321 8,075 2,593 1,144 2; 017 M M a a r r . . 1 1 7 0 - 48 7 , — 554 8, 3 5 5 5 1 5 3, 4 0 2 4 8 4 • 2 2 , 6 17 0 " 3, 9 31 5 2 1 1, 146 7,6 8 7 2 1 7 7, 7 2 2 4 1 4 2, 1 0 3 5 2 4 8, 7 3 8 9 6 6 1, 8 1 1 7 ' " 9 4 1 3 9 9 . 2 , i 3 ; 7 2 1 31 Foreign bank—- Feb. 24....... -.-„„. 5,450 1,646 498 561 278 209 718 22i 168 204 183 362 Mar. 3.......... 6,160 405 2,291 506 570 28 213 730 229 171 208 187 368 Mar. 10 _ 4,784 407 891 509 574 284 214 735 231 172 209 188 370 Mar. 17........ 5,971 481 1,376 601 677 253 272 203 247 222 4S7 Other deposits— Feb. 24........... 17,232 323 8,431 231 820 14: 42 822 437 165 163 39 5,617 Mar. 3 19,322 121 8,584 72 1,057 128 48 1,194 1,408 213 145 52 6,300 Mar. 10 18,253 85 7,942 78 1,108 81 76 1,025 1,306 181 165 4' 6,159 • Mar. 17...... 21,305 322 9,991 648 1,075 81 93 1,255 1,056 207 160 33 Total deposits: M Fe a b r . . 2 3 4 .. . . . . . . . . . . . — ... . . . . . ....... 2 2 5 , 3 2 0 6 2 2 , , 2 2 8 3 3 1 1 1 5 4 1 7 , , 0 3 4 3 2 8 8 8 6 7 7 1 , , 0 9 3 6 5 0 1 1 3 3 2 5 , , 3 8 2 2 8 8 1 1 7 8 5 4 . . 1 1 7 8 9 0 7 7 0 1 , , 2 8 1 9 6 5 8 8 6 6 , . 1 75 7 9 4 3 3 2 3 0 6 , , 8 5 3 0 3 3 8 8 4 7 , , 3 5 0 6 5 3 5 6 6 0 , , 0 5 1 7 9 2 8 9 7 0, , 0 3 8 5 1 2 6 6 3 0 , , 2 0 1 8 1 6 1 1 6 7 5 2 , , 7 3 4 1 2 3 . Mar, 10 2,281,289 150, 242 864,464 132,684 182,124 70,887 92; 850330,180 86,097 59,642 85,070 61,167 165,882* Mar. 17.—_ 2,264,647 142,643 879,620 138,936 177,245 68,920 82,259 330,144 81,587 53,116 86,629 59,276 164,272* Deferred availability items: Cap M M M F it e a a a a b l r r r . p . . . 2 a 3 1 1 i 4 . 0 7 d .. . . . . . i . n . . . : . . ... _ .. . .. _ .. 6 5 7 6 6 7 4 4 1 7 8 4 , , , , 5 1 1 9 5 0 0 4 7 3 8 3 5 7 6 5 3 2 0 9 , , , , 2 3 6 5 5 4 3 2 6 7 2 8 1 1 1 1 6 2 2 3 5 0 7 5 , , , , 7 6 8 3 4 3 7 3 2 9 5 4 5 7 5 5 4 2 9 6 , , , , 4 6 6 7 1 6 2 4 1 6 8 0 4 6 6 9 9 5 , , , 3 0 7 5 6 9 7 3 4 4 6 5 5 4 8 1 3 , , , , 6 4 2 2 4 3 4 5 5 5 2 0 4 3 3 0 1 2 , , , 8 1 6 4 2 1 9 7 1 9 8 8 7 8 0 4 3 , , , , 2 4 2 5 1 1 6 1 3 5 9 2 3 3 3 34 2 8 7 , , , f 3 4 7 6 7 2 0 1 0 8 0 1 1 1 1 1 1 3 1 1 , , , , 0 6 6 9 6 8 4 6 1 1 6 0 3 4 B 4 1 7 3 7 , , , , 5 8 3 5 3 0 0 8 1 8 1 0 2 3 7 1 , , 3 4 3 2 4 4 4 4 3 3 1 0 9 8 , , , , 5 2 8 4 5 9 5 1 1 1 1 * Feb. 24... 119,316 8,618 33,559 11,908 13,460 4,822 15,852 5,137 3,158 4,227 4,270 8,257 M M a a r r . . 1 3 0 ..... 1 1 1 1 9 9 , , 9 72 9 1 3 8,662 3 3 3 3 , , 8 7 1 9 2 5 1 11 1 , , 9 9 2 0 9 0 1 13 3 , , 4 4 6 6 0 0 6 6 , , 0 0 5 4 7 9 4 4, , B 87 7 7 0 1 1 5 6 , , 8 1 8 4 9 0 5 5 , , 1 1 5 5 0 5 3 3 , , 1 1 5 5 2 5 4 4 , , 2 23 3 7 7 4 4 , , 2 2 7 7 9 9 8 8 , , 2 2 6 3 1 $ Surp M lu a s r : . 17. 120,394 8,772 33,871 11,929 13,460 4,919 16,292 5,150 3,152 4,286 4,280 8S237 Feb. 24 220,310 17,020 20,464 22,894 11,919 8,700 30,613 9,570 7,501 8,979 7,615 15,071 Mar. 3... 220,310 17,020 59,964 20,464 22,894 11,919 8,700 30,613 9,570 7,501 8,979 7,615 15,071 M M a a r r . . 1 1 0 7 — _-. 2 22 2 0 0 , , 3 3 1 1 0 0 ' 1 1 7 7 , ,0 0 2 2 0 0 6 5 9 9 , , 9 9 6 6 4 4 2 2 0 0 , , 4 4 6 6 4 4 22,894: 1 1 1 1 , , 9 9 1 1 9 9 8 8 , , 7 7 0 0 0 0 3 3 0 0 , , 6 6 1 1 3 3 9 9 , , 5 5 7 7 0 0 7 7 , , 5 5 0 0 1 1 8 8, S9 9 7 7 9 9 7 7 , , 6 6 1 1 5 5 1 1 5 5, , 0 0 7 7 1 1 88806—261- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

282 FEDERAL RESERVE BULLETIN APRIL, 1926 FEDERAL RESERVE BANKS—RESOURCES AM© LIABILITIES, BY WEEKS—Continued LIABILITIES—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m R o ic n h d - la A n t t - a c C a h g i o - L S ou t. is M ap i o n l n is e- City Dallas F S r a a n ncisco All other liabilities: Feb. 24 641 2,565 448 1,118 780 2,124 715 940 612 509 1,713 Mar. 3 ._.. 12,652 632 2,533 439 1,093 524 2,146 704 937 613 500 1,723 Mar. 10 13,480 655 2,748 1,190 854 559 2,188 720 1,159 645 503 1,773 Mar. 17—. 13,335 637 2,711 505 1,213 858 606 2,216 722 504 1,797 Total liabilities: Feb. 24......— -.-.-4,942,439 395,8501, 465,345373,007 215,592 299,110 614, 985174,671 143,890 204,100 145,346 423,875 Mar. 3 4,974,423 394,288 1.,467,374370,355 493,967 221,462 294,296 632,796 174,388 148,330 212,906 143,242 421,019 Mar. 10 —-4,884,769 384,862 i; 452', 988 364,196 472,920 219,194 299,326 613,543 170,981 146,737 201,251 139,406 419,365 Mar. 17—. 5,039,004 394,9221,513,696 392,106 483,227 229,769 297,642 641,312 172,475 142,492 206,179 144,313 420,871 MEMORANDA Ratio of total reserves to deposit and Federal reserve note liabilities combined (per cent):* Feb. 24..— - - 74.0 72.4 75.1 73.7 81.6 68.4 73.6 77.4 52.1 79.3 58.1 56.9 78.8 Mar. 3 73.2 76.3 78.0 73.7 78.7 66.5 71.5 70.2 54.6 75.5 54.4 61.9 73.1 Mar. 10 ------ 74. 81.6 78.8 74.3 77.5 64.6 74.0 76.0 55.7 78.6 56.7 54.2 72.7 Mar. 17 .-._—. 75.6 81.2 77.8 74.7 79.5 65.3 71.5 77.4 58.0 79.4 66.2 67.9 74.5 Contingent liability on bills purchased for foreign correspondents: Feb. 24__--— 82,168 22,153 7,853 8,845 4,381 3,307 11,325 3.555 2,645 3,224 2,893 5,704 Mar. 3— 82,408 6,360 21,648 7,951 8,955 4,436 3,348 11,465 2,678 3,264 2,929 5,775 Mar. 10 83,009 6,241 23,393 7,801 8,786 4,352 3,285 11,250 3,531 2,628 3,202 2,874 Mar. 17 78,975 22,773 7,354 4,103 3,097 10,608 3,329 2,477 3,019 2,709 5, 342 Own Federal reserve notes held by Federal reserve bank: Feb. 24 - - 332,007 17,060 145,407 31,174 16,106 16,691 21,792 16,618 5,767 2,877 6,292 4,575 47,648 Mar. 3 — 330, 739 19,166 141,278 31,839 18,672 16,487 20,428 17,876 5,232 2,573 6,272 4,570 46,346 Mar. 10— 329,211 19,664 139,329 31,071 17,289 16,087 20,037 17,420 5,037 2,841 6,134 4,779 49,523 Mar. 17.. — 18,264 140,064 21,494 15,894 19,251 19,648 5,103 2,720 6,168 4,929 48,377 FEDERAL RESERVE BANKS—MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS [In thousands of dollars] Within 15 16 to 30 31 to 60 61 to 90 91 days to Over 6 Total days days days days 6 months months Bills discounted: Feb. 24... 540,083 440,813 25,324 42,022 22,463 7,461 2,000 Mar. 3 583,214 465,043 28,917 47,586 30,700 8,355 2,613 Mar. 10 502,425 391,088 29,551 43,601 27,087 7,952 3,146 Mar. 17. 480,615 364,185 30,957 43,340 29,589 8,510 4,034 Bills bought in open market: Feb. 24 304,128 122,574 59,878 87,880 29,952 3,844 Mar. 3 110,558 55,568 84,340 31,508 4,633 M M a a r r . . 1 1 0 7 - — -- 2 2 8 5 4 7 , , 5 1 2 3 0 8 1 9 11 6 , , 0 4 8 7 5 4 6 70 6 , , 1 5 3 3 9 3 7 5 2 7 , , 5 8 5 4 2 7 2 2 9 8 9 , 5 5 7 7 4 1 4 4 , , 7 0 8 9 4 9 Certificates of indebtedness: Feb.24..._. - 95,418 74 1,505 83,379 10,460 Mar. 3 94,041 18 83,554 10,469 Mar. 10 111, 894 48 99,414 12,432 Mar. 17. 213,328 99,013 24,988 74,362 14,965 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APBIL, 1926 EEDEEAL RESERVE BULLETIN* FEDERAL RESERVE NOTE&-FEDERAL RESERVE AGENTS* ACCOUNTS, BY WEEKS [In thousands of dollars] Min- San Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t i . s n o e l a is p- K C a i n ty sas Dallas F c r is a c n o - Federal reserve notes received from Comptroller: Feb. 24 2,845,999 230,037 738,655 208,945 276,769 121,420 227,932 415,837 67,333 87,412 120,711 59,697 291,251 Mar. 3 _ 2,839,467 226,670 738,921 205,528 281,220 120,493 415,859 66,455 87,690 119,927 59,295 290,517 Mar. 10 . 2,826,107 223,500 737,014 206, 584 278,078 120,462 226,210 413,566 65,991 87,031 119,164 58,374 290,133 Mar. 17 2,819,409 219 982 738,212 209,767 276,702 119,365 223,994 413,517 65,801 86,532 119,35f 57,665 288,520 Federal reserve notes held by Federal reserve agent: Feb. 24 _ _ _. 834,630 51,400 226,360 29,640 52,440 26,550 46,622 24,580 20,223 48,790 15,687 55,500 Mar. 3 833,374 50,100 226,360 59,100 26,450 45,632 234,937 24,180 20,598 48,490 15,387 53,500 Mar. 10 825,142 48,800 226,360 29,520 56,600 26,140 44,960 231,937 23,980 19,968 48,290 15,087 53,500 Mar. 17 „ 829,901 48,200 226,360 35,520 56,150 26,140 44,434 230,237 23,580 19,703 48,990 15,037 55,500 Federal reserve notes issued to Federal reserve bank: Feb. 24 _. 2,011,369 178,637 512,295 179,.305! 224,329 94,870 181,310 178,999 42,753 67,189 71,921 44,010 235,751 Mar. 3... „ 2,006,093 176,570 512,561 176,888| 222,120 94,043 181,260 180,922 42,275 67,092 71,437 43,908 237,017 Mar. 10.. 2,000,965 174,700 510,654 177,064' 221,478 94,322 181,250 181,629 42,011 67,063 70,874 43,287 Mar. 17 „..--_..... 1,989,508 171,782 511,852 174,2471 220,552 93,225 179,560 42,221 66,829 70,362 42,578 233,020 Collateral held as security for Federal reserve notes issued to Federal reserve bank: Gold and gold certificates— Feb. 24. 311,246 35,300 186,698 1,600] 8,780 24,890 12,655 11,045 13,052 17,226 Mar. 3 .. 310,846 35,300 1,200' 8,780 24,890 12, 655 11,045 13,052 17,226 Mar. 10 .. 310,846 35,300 186,698 1,200! 8,780 24,890 12,655 11,045 13,052 17,226 Mar. 17.. 3l0, 748 35,300 186,698 1,200 8,780 25, 655 12,977 10,045 12,867 17,226 Gold redemption fund— Feb. 24. 100,489 10,050 26,735! 11,529 12,337 2,021 6,653 3,865 1,348 1,019 3,274 2,772 Mar. 3..... _ 104,140 16,683 26,617. 8,112i 13,428 3,595 4,593' 3,822 1,470 1,297 2,490 3,370 18,663 Mar. 10 ...... 107,962 13,513 26,617 11,167! 13,886 2,603 9,270 3,822 1,006 1, 638 3,727 2,450 18,263 Mar. 17.. 102,162 26,522 12,351 j 11,309 4,007 7,055 3,775 1,816 1,139 2,915 3,240 18,038 Gold fund, Federal Reserve Board— Feb. 24 994, 414 59,000 86,000 111,389; 170,000 31,500 112,000 125, 644 4, 200 47,000 45,360 5,000 197,321 Mar. 3 968,184 54,000 96,000 111,389! 170,000 28,500 113,000 125, 645 3,200 48,000 42,360 5,000 171,090 Mar. 10 .__ 989,900 64,000 116,000 109,389! 170,000 28, 500 113, 000125, 645 3,200 48,000 42,860 5,000 164,306 Mar. 17 1,019,492 74, 000 166,000 104,389; 170,000 20, 500 105,000 125,645 3,200 48,000 42,860 6,000 153,898 Eligible paper— Feb. 24. _ 802,364 91, 855 253, 619 62,3311 59,424 41,883 51,146 86,040 40,287 12,723 33,244 21,901 47,911 Mar.3.»... _..___-_ 835, 592 79,464 219,467 65,393! 67,322 49, 831 54,649119,620 39,011 17,249 37,158 20,344 66,084 Mar. 10.... 754, 218 211, 632 58,321! 71,892 52, 249 48,033 94,584 34,026 11, 509 27,884 19,836 61,346 Mar. 17 704,667 64,240 148,308 60,432! 68,714 52, 005 56,966 83,442 38,407 13,908 28,237 17,938 72,070 Total collateral— Feb. 24... 2, 208, 513 196,205 553, 052 186, 849| 250,541 100,294 182,454 215, 549 56,880 73,794 81,878 46,899 264,118 Mar, 3..... _ .„ 2, 218, 762 185,447 528, 782 186,094! 259,530 106, 816184, 897249,087 54,726 79,598 82,008 45,940 255,837 Mar. 10- 2,162,926 175, 719 540,947 180,077' 264,558 108, 242182,958 224, 051 49,277 74,199 74,471 44, 512 243,915 Mar. 17.... _ 2,137,C~" 183, 535 527, 528 178,372! 258,803 102,167 l8i r~ 212,862 53,468 75,914 74,012 44, 404 244,006 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

284 FEDERAL EESEEVE BULOLETIN APRIL, 192© FEDERAL RE3ERVE BANKS—HOLDINGS OP BILLS AND SECURITIES AND EARNINGS THEREON, FEBRUARY, 1926 [In thousands of dollars] ! Total Boston Y N o ew rk d P e h l i p l h a- ia C la le n v d e- m Ri o c n h d - AtlantaChicago L S o t u .#is M ap i o n l n is e- K C a i n t s y as Dallas F c S i r s a a c n n o - 1 HOLDINGS ON FEB, 28, 1926 Total bills and securities. 1,215,657 100,142 314,302 103,362 103,674 57,722 72,932 150,195 63,258 31,694 69,868 52,019 96,48$ Bills discounted for members.... 576, 643 43,811 187,451 60,829 52,315 42,058 31, 780 73,625 22, 795 7,739 20,541 5,968 27,731 Bills bought in open market 300,947 47,670 67,376 19,670 18, 955 9,802 25,667 32,820 16, 215 7,124 15,459 15,919 24,270 United States securities ... 327,017 8,061 57,310 19,063 31, 559 5,443 15,169 42,668 23,908 16, 578 33,460 29,855 43,943 Other securities 3,150 3,050 100 Foreign loans on gold 7,900 600 2,165 750 845 419 316 1,082 340 253 308 277 545 Bills Discounted Rediscounted bills: Commercial and agricultural paper, n. e. s 168,808 29,465 16, 567 11,481 10,053 20,094 20,190 28,925 9,566 2,224 6,945 4,399 8,899 Demand and sight drafts 539 74 129 101 235 Trade acceptances, domestic 2,000 66 114 136 372 309 144 673 42 25 119 Secured by U. S. Government obligations 1,775 178 89 377 256 318 44 322 27 157 7 Member banks collateral notes: Secured by U. S. Government obligations 339,395 14,102 154,966 37, 217 32,043 16,531 6,517 41, 656 11,073 4,279 11,619 455 8,937 Otherwise secured _ 64,126 15, 804 11,906 9,470 4,868 4,537 2,327 1,663 1,236 1,950 831 9,534 Total discounted bills 576,643 43,811 187,451 60,829 52,315 42,058 31,780 73,625 22,795 7,739 20,541 5,968 27,731 Bills Bought Bills payable in dollars: Bankers' acceptances based on— Imports 126,837 26,300 25,497 8,316 7,745 3,481 9,730 12,382 6,349 2,213 7,165 6,491 11,168 Exports 92,348 11, 456 19, 006 6,822 5,693 2,728 9,679 10,688 5,020 2,665 5,777 6,425 6,389 Domestic transactions... 47,670 6,938 9,898 3,589 3,042 2,885 3,953 6,505 2,568 1,299 1,542 1,045 4,406 D ollar exchange 4,806 652 1,583 171 451 40 90 298 731 207 89 157 337 Shipments between or storage of goods in foreign countries 25, 257 2,279 8,858 772 1,301 578 2,139 2,908 1,419 503 886 1,801 1,813 All other 2 255 45 1 419 64 90 76 39 128 237 157 Trade acceptances based on imports 979 979 Bills payable in foreign currencies _ _ 795 136 659 Total purchased bills 300,947 47,670 67, 376 19, 670 18,955 9,802 25,667 32,820 16,215 7,124 15, 459 15, 919 24, 270 United States Securities United States bonds 60,142 572 1,934 604 8,103 1,240 964 20,190 2,035 7,665 8,387 7,975 473 Treasury notes 172,461 2,238 40,943 3,638 18, 655 3,067 9,163 15,847 13,421 6, 415 16,947 15,748 26,379 Certificates of indebtedness 94,414 5,251 14, 433 14,821 4,801 1,136 5,042 •6,631 8,452 2,498 8,126 6,132 17,091 Total U. S. securities 327,017 8,061 57, 310 19, 063 31, 559 5,443 15,169 42, 668 23,808 16, 578 33,460 29,855 43, 943 DAILY AVERAGE HOLD- INGS DURING FEBRUARY Total bills and securities 1 __ _ 1,176, 328 108,148 297, 330 98, 385 91, 998 53, 746 74,795 144, 341 62,134 30,887 66,678 52,948 94,938 Bills discounted. 525,049 38, 775 180,152 56,248 42, 669 38, 287 26, 617 66, 948 20, 773 6,369 17,063 5,841 25,307 Bills bought 305, 631 59, 975 59, 078 18,379 16, 459 8,883 32, 271 31,182 16,893 7,224 14, 908 16, 361 24,018 U Fo n r i e t i e g d n S lo ta a t n e s s o se n c g u o ri l t d ies _ 335 7 , , 1 3 3 6 1 7 8,8 5 7 2 1 7 5 1 6 , , 9 1 2 7 4 6 20, 6 0 6 4 8 0 32,1 7 0 6 3 7 6,1 3 6 7 9 7 15, 2 6 8 1 9 8 45, 9 2 8 2 3 8 24; 3 14 2 0 8 17,0 2 6 3 0 4 34,3 2 2 8 3 4 30, 2 4 4 9 9 7 45,1 5 1 0 2 1 EARNINGS DURING FEBRUARY' Total bills and securities 1 _. 3,430 305 877 293 272 160 214 • 427 179. 92 192 150 269 Bills discounted 1, 609 119 549 173 131 118 82 206 64 20 52 18 77 Bills bought 833 161 162 50 46 25 87 85 46 20 41 44 66 United States securities 954 23 159 58 93 16 44 133 68 51 98 87 124 Foreign loans on gold 24 2 7 2 2 1 1 3 1 1 1 1 2 ANNUAL RATE OF EARNINGS Total bills and securities l 3.80 3.68 3.85 3.87 3.86 3.87 3.72 3.86 3.75 3.87 3.76 3.70 3.70 Bills discounted - 3.99 4.00 3.98 3.99 4.00 4.00 4.00 4.00 4. GO 4.00 4.00 4.00 3.99 Bills bought 3.55 3.51 3.58 3. 51 3.62 3.63 3.52 3.56 3.55 3.58 3.55 3.53 3.58 United States securities 3.71 3.31 3.69 . 3.76 3.79 3.37 3.65 3.83 3.67 3.93 3.71 3.71 3.60 Foreign loans on gold 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 i Figures include Federal intermediate credit bank debentures as follows: Philadelphia, average daily holdings $3,050,000; earnings, $10,288; annual rate of earnings, 4.39 per cent; and Kansas City, average daily holdings, $!C0,000; earnings, $299; annual rate of earnings, 3.89 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

286 FEDERAL BESEBVE BULLETIN APRIL, 1926 REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In thousands of dollars] Federal reserve district Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Bi o c n h d - la A n t- ta Chicago L S o t u . is M ap in o n li e s - K C a i n ty sas Dallas F c S i r s a a c n n o - Number of reporting banks: Feb. 17 „ „___„_ 716 36 100 Feb. 24 716 99 100 Mar. 3 712 100 66 Mar. 10_._, 712 100 Loans and discounts, gross; Secured by U. S. Government obligations— Feb. 17. 163,973 58,005 10,512 21,379 5,192 7,605 22,443 11,980 2,436 4,026 3,407 7,991 Feb. 24 .... 167,375 9,006 59,119 10,326 21,469 5,150 7,804 21,748 12,066 2,450 4,027 3,144 11,066 Mar.3.._._ 170,506 9,153 58,212 10,542 21,599 4,907 21,845 13,066 2,502 4,053 3,146 13,073 Mar. 10—.- 166,140 9,120 57,300 10,751 21,342 4,749 7,787 23,722 13,016 2,491 4,066! 3,138 865g Secured by stocks and bonds— Feb. 17 „. 5,446,935 342,9812,378,804 405,584 514,560 145,429 98,720 823,502 209,054 69,631 116,183 79,046 263,441 Feb. 24 . 5,427,270 348,035 2,356,384 401,519 523,971 146,832 96,177 819,894 201,552 70,692 115,509 80,686 266,019 Mar. 3 5,434,559 346,259 2,334,304 402,099 529,762 146,886 97,550 832,136 205,107 71,561 114,811 81,149 272,935 Mar. 10 5,313,275 332,836 2,235,002 398,347 527,777 147,554 830,097 202,255 70,402 112,247 83,238 274,852 All other loans and discounts— Feb. 17 ....... 8,350,053 649,764 2,592,895 363,358 752,671 370,227 417,',6731,241,918 313,296 178,506 323,138 238,977 907,630 M Fe a b r . . 2 3 4 ... 8 8 , , 4 3 0 3 4 5 , ,7 3 5 9 3 1 6 6 4 4 6 6 , , 6 0 6 0 6 5 2 2 , , 6 6 5 0 6 8 , , 4 5 1 2 9 1 3 3 6 6 0 2 , , 4 2 6 6 1 6 7 7 5 4 3 9 , ,1 1 8 5 7 7 3 3 6 6 8 7 , , 3 8 6 1 2 5 4 4 1 1 7 8 r, , , 6 3 0 1 9 8 1 1 , .2 2 2 3 4 5 , , 8 7 1 8 7 0 3 31 1 3 5 , , 8 1 8 5 4 9 1 18 7 1 8 , , 6 9 3 6 4 2 323,741 2 2 3 3 4 1 , , 9 5 5 9 4 3 9 90 1 7 2 s , 6 7 0 7 5 0 Mar. io_— . 8,435,187 648,024 2,688,850 757,951 418; 287 i; 236,832315,284 179,270 320,303 231,445 905,063 Total loans and discounts— Feb. 17 13,960,961 11,,000011,,7 74422 55,0,02299,,704 779,454 1,, 288,610520,848 523, 534,330 250,573 443,347 321L,, 430 .1,, 179,062 Feb. 24 .13,930,398 11,,000033,,770077 55,,002244,,024 772,306 1,294,627 520,344 521,., 299! 2,, 066,459528,777 252,104 443,277 318,784 l,i184,690 Mar. 3 14,009,4561,001,417 5,048,935 774,907 1, 304,518519,608 524,567 21,,008899,,761 532,057 255,697 443,323 315,888 *.,198,77$ Mar. 10..... __13,914,602 989,980 4,981,152774,3961r 307,070 524,742f2, 09—0,651 530,555 252,163 436,616 317,8211,188,573 XJ. S. pre-waKjbonds: Feb. 17... 223,529 39,312 9,486 25,274 14,882 20,528 12,957 7,071 8,783 17,439 24,750 Feb. 24 223,718 9,710 39,208 9,286 33,294 25,394 14,880 21,145 12,957 7,071 8,783 17,239 24,751 Mar. 3 225,068 9,710 39,793 9,478 33,303 25,194 14,869 21,452 13,157 7,071 8,853 17,439 24,74$ Mar. 10 225,120 9,762 39,845 9,486 33,272 .25,194 14,837 21,452 13,157 7,071 17,439 24,752 U. S. Liberty bonds: Feb. 17 ... ..._ 1,400,162 86,752 50,340 31,503 15,253 174,093 22,786 26,950 57,472 20,640 142,497 Feb. 24 1,387,509 602,205 49,522 163,722 30,867 15,153 178,481 22,788 26,675 57,709 21,672 132,106 Mar. 3. 1,383,205 598, 262 49,578 163,307 31,693! 15,272 178,907 22,953 27,029 58,908 21,726 128,771 Mar. 10 . 1,395,781 87,496 591,610 49,453 162,765 31,944! 15,326 186,075 23,103 27,281 59,795 21,900 139,03$ U.S. Treasury bonds: Feb. 17... 451,073 17,784 209,712 18,032 35,528 6,802 5,769 54,289 13,079 14,904 17,993 4,610 52,571 Feb. 24__ 448,915 17,657 212,235 16,459 35,588 6,402 5,770 54,063 13,078 14,904 17,924 4,699 50,136 Mar. 3 449,537 17,730 18,333 35,654 5,29l| 5,770 53,592 13,152 14,654 1.7,998 4,641 45,802 Mar. 10_.__. 455,534 17,800 221,427 16,206 35,731 5,2911 5,771 51,242 13,169 14,654 17,901 4,690 51,652 U. S. Treasury notes: Feb. 17 ... 321,386 3,996 158,604 7,343 24,635 1,766! 2,034 59,823 7,333 15,490 4,682 19,986 Feb. 24..._ 321,524 4,296 157,773 7,120 24,723 1,765 2,035 59,093 7,357 15,400 15,733 21,647 Mar. 3 319,087 4,251 156,396 24,974 1,765 2,036 59,455 7,378 15,415 16,488 4,282 19,661 Mar. 10 295,864 4,302 140,272 7,235 25,520 1,765 2,036 55,865 6,872 13,716 14,405 4,273 19.60S U. S. Treasury certificates: Feb. 17-. 144,791 17,770 42,042 6,793 19,368 2,6 5,229 10,059 4,253 6,923 4,743 Feb. 24..._ 139,267 16,813 40,950 8,263 19,597; 4,980 9,091 3,949 6,822 4,165 4,444 17,497 Mar. 3 141,976 16,563 45,803 5,900 18,725: 2,023 4,r~ 9,338 4,064 6,822 4,237 4,368 19,166 Mar. 10 123,728 16,563 39,689 5,300 12,321! 2,023 2,690 3,565 4,977 3,384 4,458 19,332 Other bonds, stocks, and securities: Feb. 17 2,924,382 212,258 1, 110,240252,103 341,491! 63,097 52,155 434,712 107,750 42,314 75,827 23,379 209,056 Feb. 24 2,971,164- 216,5 ,"4"0•41,156,181 252,360 339,727 62,195 51,355 436,933 108,309 42,382 76,762 23,370 205,186- Mar. 3.... 2,984,158 215,>, 872 ,ij162,176 252,397 343,094j 60,165 52,303 441,124 107,776 42,761 79,271 22,836 204,383; Mar. 10 3,010,377 220,), 056 1, 182,128250,342 346,3531 60,764 52,645 440,280 108,250 42,925 76,832 22,624 207,178 Total investments: Feb. 17..- 5,465,323 348,244 2,168,000 344,097 618,081!131,138 95,322 753,504 168,158 113,652 180,512 75,436 Feb. 24 5,492,097 351,489 2,208,552 343,010 616,651 129,319 94,173 758,806 168,438 113,254 181,076 76,006 451,323 Mar. 3 5,503,031 350,92512,219,350 342,672 619,057 126,131 95,217 763,868 113,752 185,755 75,292 442,532 Mar. 10 5,506,404 355,979 2,214,971 338,022 615,962 126,981 93,305 764,340 168,116 110,624 181,170 75,384 461,550 Total loans and investments: Feb. 17 19,426,284 1,349,986 7,197,7941,123,5511,906,691651,986 619,320 2,841,367702,488 364,225 623,859 , 648,151 Feb. 24......_ 19,422,4^5 1,355,196 7,232,576 1,115,316 1,911,278649, 663 615,472 2,825,265697,215 365,358 624,353 394,790 ,636,01$ Mar.3__. 19,512,487 1,352,342 7,268,285 1,117,579 1,923,575645,739 619,784 2,853,629700,537 369,449 629,078 391,180 , 641,310 Mar. 10 19,421,006 1,345,959 7,196,123 1,112,418 1,923,032647,864.618,047 2,854,991 698,671 362,787 617,786 393,205 , 650,123. Beserve balances with Federal reserve bank: Feb. 17 1,684,457 95,040 779,178 80,476 127,095 41,796 44, 619 233,210 47,006 27,288 33,573 118,988 Feb. 24 1,636,439 94,461 755,906 80,556 116,947 39,205 43,532 233,593 49,020 27,995 53,433 30,681 111, 110 Mar. 3 ...I.... 1,650,520 96,699 751,787 81,381 123,507 44,101 43,825 242,354 50,940 26,573 53,760 107,124 Mar. 10 1,644,1291 757,067 78,896 123,684 41,423 48,663 238,915 49,871 23,591 50, 111 29,707! 106,175 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APBIL* 1926 FEDERAL RESERVE BULLETIN" 285 FEDERAL RESERVE BANKS—VOLUME OF DISCOUNT AND OPEN MARKET OPERATIONS DURING FEBRUARY, 1926 [Amounts in thousands of dollars] Total Boston Y N o e r w k P p d h h e i i l l a - a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is a M p n o e in l - i - s K C s a a it n s y - Dallas F C S r i a a sc n n o - Total Volume of Operations ... _.3,387,382 241,2001,909, 368234,466152,199179,376 60,142236,950 89,205 19,718124,852 13,078126,828 Bills discounted for member banks.. 3,081,457 205,6431,746,766223,971139,674173,699 53,829205,972 83,082 15,283118,490 6,789108,259 Bills bought: In openKmarket. _ 245, 482 33,104 124,932 7,169,10,435 5,550 5,484 21,344 4,666 4,357 5,695 4,346 18,400 From other Federal Reserve banks 18,908 13,615 3,087 758 876 572 d. S. securities bought in open market 35,358 1,734 21,458 1,075 731 7,455 1,044 1,859 2 Foreignloans on gold ______ .._..— 6,177 719 2, 597 239 257 127 98 1,303 413 78 95 84 167 Bills Discounted Eediscounted bills: Commercial, agricultural, and livestock paper, n. e. s_ 122,250 1, 433 10,147 6,724 4,911 8,894119, 352 33,352 25,285 879 2,272 1,829 » 7,172 Demand and sight drafts 1 213 128 613 280 192 Trade acceptances 768 34 76 48 229 114 115 90 18 44 Secured by IT. S. Government obligations 1,072 57 88 151 153 147 28 448 Member bank collateral notes: Secured by U. S. Government obligations 2,469,255 51,4481,643,793149, 214 84,320117,400 21, 592158,857 50, 431 10,124111, 378 2,911 67,787 Secured by eligible paper 8 „.. 486,899 152, 671 92,750 67, 897 50,063 47,138 12,495 13,645 6,287 4,280 4,840 1,769 33,064 Total bills discounted.—.... - 3,081,457 205,6431, 746, 766223,971139,674173,699 53, 829205,972 83,082 15,283118,490 6,789108,259 Average rate (365-day basis), per cent ....... 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4 00 4.00 4,00 4.00 Average maturity (in days): Member bank collateral notes 5.08 6.38 3.66 7.19 8.04 2.93 8.76 12.24 8.71 11.60 3.06 13.41 7.43 Rediscounted bills „ „ _ . . « _, 55.81 42.86 45.77 49.89 54.27 61.73 54.61 59.36 50.21 89.49 89.75 91.39 55.62 Number of member banks on'Feb. 2 8 —. 9,437 418 883 753 861 599 492 1,389 621 822 1,020 849 730 Number of member banks accommodated during month _ . . . . 2,659 162 368 374 263 248 140 473 171 68 149 88 155 Per cent accommodated . .. 28.2 38.8 41.7 49.7 30.5 41.4 28.4 34.1 .27.5 8.3 14.6 10.4 21.2 Bills Bought In Open Market from member banks _.„_„___„._„._„„_ 68,162 8,913 11,979 1,865 5,481 2,583 3,741 9,466 2,088 2,247 3,007 1,588 5,204 From nonmember banks, banking corporations, etc: With resale agreement 136,885 17,241 108, 502 4,922 8,220 Allother...- ...—..... 50,435 6,950 6,451 5,304 4,954 2,967 1,743 6,956 2,578 2,110 2,688 2,758 4,976 Total bills bought „ _. 245,482 33,104 124, 932 7,169 10,435 5,550 5,484 21,344 4,666 4,357 5,695 4,346 18,400 Hates charged: V/% per cent.. „ „.„ ... . 184,340 23,488 121,131 4,417 6,063 1,867 2,753 8, 525 3,134 2,568 2,840 2,177 5,377 3/^ per cent 49,982 9,283 3,163 2,636 3,501 2,735 1,797 7,511 1,464 1,678 2,354 1,725 12,135 3% per cent. 8,213 328 59 116 800 656 84 4,497 68 94 405 362 -744 3J^ per cent 995 5 203 710 47 ^ 30 4 oer cent 1,919 546 71 89 850 101 17 96 35 4^r per cent. - _ __«, „ . _ . 15 15 4|f per cent 18 18 Average rate (365-day basis), per cent „ 3.64 3.63 3.57 3.63 3.65 3.68 3.68 3.70 3.62 3.64 3.68 3.68 3.67 Average maturity (in days) * 49.39 58.62 34.14 42.03 52.98 53.32 47.86 54.28 43.63 46.09 54.47 56.39 53.13 Class of bills: Bills payable in dollars *— Bankers' acceptances based^on— Imports.. ,__„ „ _ 39, 567 8,436 4,051 2,511 3,999 2,075 1,138 5,407 1,459 1,240 2,633 1,754 4,864 Exports 27,055 2,152 5,152 2,124 3,095 1,719 1,249 4,281 1,423 1,158 1,520 1,086 2,096 Domestic transactions 26,356 3,750 5,062 1,872 2,273 1,256 2,335 4,413 750 1,227 750 638 Dollar exchange.... . . 1,622 127 302 168 137 426 171 55 39 126 71 Shipment between, or storage of goods in foreign countries 12, 771 1,398 3,278 494 691 500 387 1,895 862 677 747 742 1,120 AlFother 407 6 395 6 Trade acceptances, foreign 546 546 Bills payable in foreign currencies....... 273 33 240 Total 108, 597 15,863 18,430 7,169 10,435 5,550 5,484 16,422 4,666 4,357 5,695 4,346 10,180 U. S. Securities Bought In Open Market United States bonds 1,315 369 10 934 2 Treasury notes 22,093 1, 518 15,023 362 4,640 550 Certificates of indebtedness _ _ _ 11,950 216 6,435 1,075 2,815 1,034 375 Total 35,358 1,734 21,458....... 1,075 731 7,455 1,044 1,859 2 1 Includes $300,000 discounted for the Federal Intermediate Credit Bank of Columbia, S. C. 3 Includes $650,000 discounted for the Federal Intermediate Credit Bank of Berkeley, Calif. 3 Includes bills taken under a resale contract. 4 Exclusive of acceptances bought under a resale contract. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL* 1926 FEDERAL RESERVE BULLETIN 287 PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continiied [In thousands of dollars] Federal reserve district Total Boston Y Ne o w rk d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - la A n t- ta Chicago L S o t u . is M ap i o n l n i e s - K C an i s ty as Dallas F ci r s a c n o - Cash in vault: Feb. 17 277,176 20,246 79,485 17,088 30,009 13,491 12,309 48,129 7,581 5,573 12,520 9,890 20,855 Feb. 24 291,163 20,999 82,902 16,662 33,366 14,049 12,081 51,613 7,641 6,255 13,441 21,466 Mar. 3 278,250 20,487 80,540 15,834 29,024 13,408 11,349 49,243 7,591 12,292 11,815 20,968 Mar. 10 281,171 20,476 81,666 16,025 30,208 13,969 11,361 48,516 7S583 5,754 12,900 12,029 20,684 Net demand deposits: Feb., 17 ....__ 13,017,376 894,006 5,604,464 757,6741,021,770 377,326 369,0851,754,482 423,354 228,848 499,398 282,525 804,444 Feb.. 24 ..... 12,935,088 879,473 5,605,929 751,0591,014,629 374,571 362,8761,750,013 418,944 230,445 494,900 276,147 776/102 Mar. 3 13,007,657 "",434 5,691,243 757,1991,017,279 375,054 361,1431,747,497 419,471 229,333 496,034 277,479 740,491 Mar. 10 12,894,419 887,910 5,584,291 748,9531,007,869 370,718 367,0181,769,654 419,561 228,184 481,342 276,777 752,142 Time deposits: Feb. 17 5,421,383 395,4761,198,207 222,903 762,319 204,286 215,564 1,037,243 221,662 113,134 144,046 99,157 807,380 Feb. 24.... 5,437,358 % 201,016 221,631 764,720 206,673 217,113 1,034,912 220,518 113,110 145,752 100,769 812,258 Mar. 3- - 5,446,235 398,994 1,. 197,925 215,907 767,819 204,123 217,1601,036,081 218,122 111, 971148,365 99,626 830,142 Mar. 10 5,454,576 398,150 1., 208,561 215,200 767,631 206,604 216,5251,035,882 219,074 112,370 149,168 99,206 826,205 Government deposits: Feb. 17 201,291 19,598 56,627 18,901 19,765 6,125 10,006 25,659 5,864 3,0651 1,851 7,565 26,265 Feb. 24.. . 201,018 19,598 56,627 18,769 19,765 6,054 10,006 25,659 5,864 3,0651 1,781 7,565 26,265 Mar. 3 | 200,982 19,598 56,627 18,898 19,765 6,029 9,843 25,659 5,864 3,065! 1,804 7,565 26,265 "M ar. 10~ 198,201 19,598 56,627 18,896 19,765 3,087 10,006 25,659 5,864 3,065 1,804 7,565 26,265 Bills payable and rediscounts with Federal reserve bank: Secured by United States Government obligations— F Fe e b b . .- 2 1 4 7... 2 2 2 2 9 3 , , 2 9 1 4 3 3 2 2 , , 0 4 9 6 0 5 1 1 4 3 7 9 , , 6 0 0 0 3 5 1 9 1 , , 1 4 7 0 6 6 1 1 2 0 , , 2 4 5 4 2 2 6 1 , ,8 7 2 3 9 9 3,204 2 21 6 , , 4 9 1 5 5 5 4 6 , , 9 1 1 2 0 0 4 3, , 3 4 0 5 0 0 8 7 , , 6 2 0 4 0 0 2 5 9 4 4 4 9 7 f , 5 2 6 9 0 3 Mar. 3 . 237,278 2,691 112,920 9,801 17,345 7,279 6,319 47,460 5,255 7,600 10,875 594 9,139 Mar. 10 . 183,504 1,765 96,834 8,241 13,768 5,452 3,714 32,957 4,256 1,500 3,367 464 11,186 All other— Feb. 17 138,511 16,775 23,799 14,221 16,144 17,828 15,151 14,762 8,673 1,719 3,277 6,162 Feb. 24 138,718 24,119 30,016 11,406 12,379 9,760 11,268 13,701 9,835 1,594 3,570 10, 870 Mar. 3 166,437 16,638 30,210 11,714 13,972 14,659 17,274 16,283 11,493 3,624 4,831 25,154 Mar. 10 140,817 3,121 29,886 10,329 20s,703 16,649 16,102 10,884 7,406 3,096 3,647 18,994 REPORTING MEMBER BANKS IN 12 FEDERAL RESERVE BANK CITIES—BANKERS> BALANCES [In thousands of dollars] Federal reserve bank city Total (12 cities) Boston Y Ne o w rk d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - la A n t- ta Chicago Lo S u t. is M ap in ol n is e- K C an it s y as Dallas F c S i r s a a c n n o - Due to banks: Feb. 17 2,255,823 128,261 1,077,668 180,619 48,244 37,270 20,786 374,270 91,919 54,692 103,198 31,466 107,430 Feb. 24 2,224,767 122,245 1,063,108 176,610 47,764 38,190 19,275 384,405 87,895 54,635 99,331 31,576 101,733 Mar 3 2,364,360 130,569 1,165,209 189,522 47,724 35,708 19,800 403,878 84,199 56,337 100,463 29,147 101,804 Mar. 10 . 2,239,465 127,182 1,088,802 169,951 45,185 35,132 21,752 385,271 89,594 54,998 96,948 27,777 96,873 Due from banks: Feb. 17.. 588,816 33,827 99,554 64,259 27,962 19,211 13,592 161,187 30,447 16,750 42,461 27,033 52,533 Feb. 24 . 563,919 36,289 93,391 62,800 23,825 16,923 14,143 152,583 29,820 17,823 39,102 23,831 53,389 Mar. 3 613,751 41,146 108,845 71,542 25,645 18,156 14,729 163,705 28,291 21,409 41,753 28,477 50,053 Mar. 10 549,213 30,389 88,802 60,974 28, 906 16,322 14,686 147,037 28,171 20,203 40,306 22,879 50,538 LOANS TO BROKERS AND DEALERS, SECURED BY STOCKS AND BONDS, MADE BY REPORTING MEMBER BANKS IN NEW YORK CITY [In thousands of dollars] Demand and time loans Demand loans Time loans Total F a o c r c ou ow nt n ac o t c u o F o t w o u - r o n n f t - of ac F c o o o f r unt Total F a or c c o o w un n t ac o c t u o F o t w o u - r o n n f t - of acc F o o o f r unt Total F a o c r c ou ow nt n ac o c t u o F o t o w u - r o n n f t - of acc F o o o f r unt banks others banks others banks others 1926 Feb. 17 3,138,724 1,158,905 1,354,170 625,649 2,160,138 665,474 945,399 549,265 978,586 493,431 408,771 76,384 Feb. 24 3,109,331 1,149,391 1,342,665 617,275 2,139,272 667,788 925,239 546,245 970,059 481,603 417,426 71,030 Mar. 3 3,048,392 1,125,071 1,321,265 602,056 2,067,948 641,676 895,741 530,531 980,444 483,395 425,524 71,525 Mar. 10-._._— 2,885,609 1,021,191 1,265,957 598,461 1,932,222 549,598 853,583 529,041 953,387 471,593 412,374 69,420 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

288 FEDERAL BESEEVE BULLETIN AFEIL, 1926 REPORTING MEMBER BANKS IN NEW YORK CITY AND CHICAGO—PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In thousands of dollars] New York City City of Chicago Feb. 17 Feb. 24 Mar. 3 Mar. 10 Feb. 17 Feb. 24 Mar. 3 Mar. 10 Mnrnber of reporting banks 61 61 60 60 46 46 46 46 Loans and discounts* gross: Secured by United States Government obligations __ . . _..—___._.__. 53,390 54,458 53,548 52,574 15,913 14, 504 14,466 15,712 Secured by stocks and bonds.-____._...__ 2,103,820 2,087,335 2,060,926 1,959,165 620,505 615,730 627,689 623,303 All other loans and discounts __..,., „_.„„.,__ 2,271,999 2,284,109 2,333,091 2,368,070 684,757 674,695 677,056 678,587 Total loans and discounts —_—„__ 4,429,209 4,425,902 4,447,565 4,379,809 1,321,175 1,304,929 1,319,211 1,317,602 United States pre-war bonds " 29,571 29,568 , 30,153 30,205 4,884 5,501 5,808 5,808 United States Liberty bonds - 524,318 519,821 516,537 509,015 102,340 106,789 108,038 114,750 United States Treasury bonds.-...„_„„.,.„_.,_„_ 192,414 194,937 200,192 204,676 17,161 17,123 17,297 16,392 United States Treasury notes.-..,.....-.„_-...-_.» 152,255 151,425 150,299 134,175 46,449 45,405 45, 766 43,118 United States Treasury certificates........... 40,240 39,223 44,076 39,002 1,963 1,500 1,501 1,224 Other bonds, stocks, and securities........... 812,146 857, 663 862,478 881S 709 198,286 200,513 204,093 202,705 Total investments 1,750,944 1,792S 637 1,803,735 1,798,782 371,083 376,831 382, 503 383,997 Total loans and investments............ 6,180,153 6,218, 539 6,251,300 6,178,591 1,692,258 1,681,760 1,701,714 1,701,599 Reserve balances with Federal reserve bank.. 722,107 697. 885 692,303 699,488 160,627 162,017 170,316 167,055 Gash in vault 64,023 66J 671 65,206 65,967 21,009 22,477 21,694 21,186 Net demand deposits 5,034,377 5,045, 236 5,124,217 5,026,017 1,149,963 1,152,432 1,152,200 1,169,398 Time deposits. .._........_.......„.. ..... 799,987 802,093 796,210 804,450 618,788 516,494 §16,592 514,177 Government deposits 49,995 49,995 49,995 49,995 12,947 12,947 12,947 12,947 Bills payable and rediscounts with Federal reserve bank: Secured by United States Government obligations 125,892 115,532 93,332 77,287 11,780 6,415 29,610 16,307 All other . —. 19,304 26,394 26,004 26,252 9,758 3,719 10,405 349 Total borrowings from Federal reserve bank __ . ' *... „„,_. .._....... 145,196 141,926 119,336 103,539 21,538 10,134 40,015 16,656 ALL MEMBER BANKS—DEPOSITS, BY FEDERAL RESERVE DISTRICT AND BY SIZE OF CITY [In thousands of dollars] Net demand deposits Time deposits Federal reserve district 1925 1926 1925 1925 1926 1925 Nov. 25 Dec. 23 Jan. 27 Feb. 24 Feb. 25 Nov. 25 Dec. 23 Jan 27 Feb. 24 Feb. 25 Boston. -„._... 1,395.241 1,390.238 1,374,330 1,350,075 1,311,144 794,772 795,819 801,024 813,127 718,442 New York..,,, 6,408,228 6,496,179 6,455,855 6,371,738 6,289,886 2,183,450 2,180,939 2,230,372 2,251,868" 2,063,112 Philadelphia 1,181,937 1,183,178 1,190,601 1,170,180 1,134, 689 843,884 876,312 789,945 Cleveland.. 1,475,121 1,467,169 1,495,667 1,607,999 1,482,289 1,342,997 1,326,753 1,354,620 1,864,418 1,292,515 Richmond..._ _-__._. 610,641 613,437 620,320 588,437 516,547 509,524 513,875 516,626 494,941 Atlanta .. 769,608 825,332 760,379 756,985 613,945 431,355 460,317 438,920 446,715 374,021 Chicago ._.._..__. 2,449,631 2,429,093 2,429,995 2,469,183 2,414,286 1,877,294 1,883,019 1,883,018 1,883,284 1,743,459 St. Louis. —. 728,045 757,463 760,201 745,970 729,176 459,517 447,233 466,253 467,704 438,871 Minneapolis ........ 466,660 466,046 452,173 457,021 482,015 433,519 434,857 441,449 440,772 436,459 Kansas City............ 847,480 870,557 862,059 862,546 871, 625 313,791 306,105 314,084 320,650 302,798 Dallas 674,507 668,749 659,813 654,003 680,428 166,821 163,290 167,330 171,024 166,895 San Francisco.......... 1,339,345 1,335,362 11,311,604 1,294,977 1,289,740 1,328,098 1,301,722 L 1,322,578 1,340,365 1,184,202 Total..... 18,362,766 18,500,007 118,366,114 |18,26O,997 17,887,660 10,692,045 10,653,414 •10,802,607 10,892,885 10,005,660 Banks in pities and towns having a population of— Less than 5,000..... 1,773,720 1,813,189 1,720,826 1,724,373 1,681,531 1,734,527 1,750,155 1,761,695 1,774,543 1,678,232 5,000 to 14,999....... 1,158,411 1,160,017 1,158,992 1,157,660 1,087,366 1,118,658 1,113,508 1,129,972 1,143,679 1,072,914 15,000 to 99,999..—. 2,407,394 2,419,650 2,405,814 I 2,399,216 2,211,432 2,149,836 2,136,370 2,169,045 2,181,037 2.021,190 100,000 and over 13,023,241 13,107,151 113,080,482 12,979,748 12,907,331 5,689,024 5,653,381 15,741,895 5,793,706 5,233,324 * Revised figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APBIL, 192@ FEDERAL RESERVE BULLETIN 289 ALL STOCK BANKS IN THE UNITED STATES—CONDITION ON DECEMBER 31, 1925 Consolidated figures showing the condition ALL STOCK BANKS IN THE UNITED STATES1 -CONDIofiall banks in the United States^ other than TION ON DATES SPECIFIED 2 mutual savings banks and private banks not f Amounts in millions of dollars! under State supervision^ as of December 31, 1925, are given in the accompanying tables. Nu of m r b e- er .boans ana investments de T p o o t s a i l ts, Loans and discounts on this date aggregated porting exclusive $31,023,000,000, an increase of $720,000,000 banks Total Loans I m nv e e n s ts t- d o e f p b o a s n it k s over the September 28 total and of $2,780,- 000,000 since December 31, 1924. Invest- All banks: June, 1920.. 28,715 36,813 28,177 8,636 32,642 ments show an increase of $3,000,000 since June, 1921 29,477 34,318 25,857 8,461 31,134 ' September 28, 1925, and of $198,000,000 for June, 1922.-. 29,092 34,166 24,647 9,519 31,944 June, 1923.. 29,342 37,359 26,793 " 10,566 34, 512 the year. Total deposits, exclusive of bank June, 1924 28,451 38,407 27,222 11,185 36,841 December, 1924 28,266 40,202 28,243 11,959 39,066 deposits, amounted- to $42,135,000,000 on April, 1925—..— 28,073 40.813 28,775 12,038 39,112 December 31,, or $1,104,000,000 more than June, 1925— — 27,921 41,561 29,464 12,097 40, 591 September, 1925 27,895 42,457 30,303 12,154 41,031 on September 28 and $3,QG9,G0G,G00iabove the Mem D b e e c r e m ba b n e k r, s : 1925 27S 705. 43,180 31/023 12,157 42,135 total reported a year ago. Rediscounts and • June, 1920-.— - 9,399 25,945 19,784 6,161 21,887 bills' payable increased $31,000,000 since Sep- June, 1921---——— 9,745 24,311 18,206 6,105 • 21,612 June, 1922—..— 9,892 24,358 17,296 7,062 22,366 tember 28, 1925, and $378,000,000 since June, 1923..._ _ 9,856 26, 675 18,880 7,795 23,837 June, 1924. _______„ 9,650 27,262 19,284 7,998 25,675 December 31, 1924. December, 1924.— 9,587 29,027 20,182 8,845 27,814 The accompanying table shows in summary April, 1925..— 9,531 29,285 20,390 8,895 27,145 June, 1925 — 9,538 29, 702 20,814 8,888 28,403 form the amounts of loans, investments and September, 1925 9,539 30,369 21,450 8,919 28,172 December, 1925— 9,489 31,200 22,276 8,924 30,008 deposits of all stock banks in the United States Nonmember banks: for report dates since December, 1924, and June, 1920-.— — 19,316 10,868 8,393 2,475 10,755 June, 1921 - 19,732 10/007 7,651 2,356 9,522 for June since 1920, with figures for member June, 1922 ... 19,200 9,808 7,351 2,457 9,578 June, 1923——— 19,486 10, 684 7,913 2,771 10,675 • banks and for nonmember banks, given sepa- June, 1924... 18,801 11,145 7,958 3,187 11,166 rately. There are also presented on this and December, 1924 18,679 11,175 8,061 3,114 11,252 April, 1925. . 18,542 11,528 8,385 •3,143 11,967 subsequent pages tables giving the principal June, 1925.-.. 18,383 11,859 8,650 3,209 12,188 September, 1925 18,356 12,088 8,853 3,235 12,859 resources and liabilities of these banks, , ar- December, 1925 18,216 11,980 8,747 3,233 12,127 ranged by Federal reserve districts and by States. A table is also included giving the * Includes all banks in the United States except (1) a certain number of nonreporting private banks, not under State supervision, and (2) all principal resources of all State banks and trust mutual savings banks, figures for which are available only for June calls, Three mutual savings banks in Ohio, however, and one in Calicompanies, by States, fornia, are included because the figures for these banks are included in the totals reported for all State banks by the State authorities and are not available separately except for June calls. 2 Or dates nearest thereto for which figures are available. ALL STOCK BANKS 1—PRINCIPAL RESOURCES AND LIABILITIES, BY FEDERAL RESERVE DISTRICTS, DECEMBER 31, 1925 8 [Amounts in thousands of dollars] Federal reserve district§ N re u b p m a o n b rt k e i s r n g of L d o in v i o s c e a c l r n o u d s u d r a n a in f t n t s g d s , Investments i T nv o e ta s a l t n m l d o e a n n t s s i T ts o , o t e a f x l b c d a l e u n p s k o iv s e - co p K u a b n y e i t d a l s l i b s s a l - e nd Boston ._._ 677 2,160,683 901,843 3,062, 526 2,893,919 102,894 New York 1,356 7, 586, 759 3,263,464 10,850,223 10, 548,981 357,016 Philadelphia 1,277 2,279,569 1,137,556 3,417,125 3,083,308 94,937 Cleveland-.—— -.. 1,954 2,955,730 1,368,437 4, 324,167 4,043,388 102,645 Richmond.—... ." 2,036 1,807,229 429,845 2, 237,074 2,063,610 Atlanta.... 1,928 1,650,189 350,029 2,000, 218 2,107,257 52,148 Chicago... _.._ 5,153 4,870,979 2,110,945 6,981,924 6,831,400 154,620 St. Louis.. . 3,101 1,561,311 491,396 2,052, 707 2,018,411 50,155 Minneapolis.._„ 3,050 1,065,048 443,981 1, 509,029 1,572,349 15,566 Kansas City.—..... 3,857 1,430,125 428,774 1,858,899 1,957,883 30,919 Dallas———— .. 1,706 855,910 190,097 1,046,007 1,059,425 12,984 San Francisco..—.— 1,610 2,799,405 1,040,711 3,840,116 3,954,660 Total, Dec 31,1925.. 27,705 31,022,937 12,157,078 43,180,015 42,134,591 1,102, 524 Total, Sept. 28,1925 27,895 30,302,700 12,154,379 42,457,079 41,031,329 1,071,873 i Includes all banks in the United States except (1), a certain number of nonreporting private banks, not under State supervision, and (2) all mutual savings banks, figures for which are available only for June calls. Three mutual savings banks in Ohio, however, and one in California, are included because the figures for these banks are included in the totals reported for all State banks by the State authorities and are not available separately except for June calls. 8 Or dates nearest thereto for which figures are available. 8 Figures for State banks and trust companies of Indiana, Michigan, Kentucky, Tennessee, and Missouri, were not reported by Federal reserve districts and accordingly were prorated on the basis of such data as were available. * Revised figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

290, FEDERAL RESERVE BUHLETIN APRIL, 192 & ALL STOCK BANKS i—PRINCIPAL RESOURCES AND LIABILITIES ON SEPTEMBER 28 AND DECEMBER 31, 1925 2 [Amounts in thousands of dollars] rep N o u rt m in b g e r b a o n f ks co L u o o n a v t n s e s , r d i a n r n c a d l f u t s d d i i s n - g Investments and T o in ta v l e l s o tm an e s nts ex T c o lu ta s l i v d e e p of o s b i a ts n , k Re b d il i l s s c o p u a n y t a s b l a e nd State Sep- Decem- Septem- Decem- Septem- Decem- Septem- Decem- Septem- Decem- Septem- Decemtember ber ber ber ber ber ber ber ber ber ber ber Maine.-- _. 112 154, 759 149,450 109,516 110,190 264,275 259,640 244,407 244,011 7,446 4,609 New Hampshire- 62,040 106, 899 93,117 2,130 Vermont.- _. 89,606 89,635 41,235 41,609 130,841 131,244 118,447 119,599 2,851 2,907 Massachusetts 249 248 1,405,687 1,434,049 396,332 422,890 1,802, 019 1,676,553 1,750,599 56,761 Rhode Island 31 30 156,591 184,942 155,298 140,845 311,889 325,787 298,002 312,318 304 854 Connecticut 150 152 287,019 294,588 205,148 207,226 492,167 501,814 461,284 489,331 6,117 6,733 . New York...._. 985 6,329,128 ',221 2, 739,726 2,684,810 9, 068, 8549,352,031 8,978,584 9, 084,057 286,871 326,692 New Jersey 486 496 1,052,913 l', 116,209 641,682 629,695 1,694,595 1, 745,904 1,616,082 1, 707, 099 36,512 43,940 Delaware 45 45 "' 56,894 57,968 32, 723 33,056 89, 617 91,024 78,742 84, 839 695 848 Pennsylvania... 1,645 2,853,840 2,916,382 1,753,344 1,725,828 4,607,184 4,642,210 4,042,324 4,153,498 98, 777 98,654 Ohio ._-._. 1,095 1,821,540 608,917 585,492 2,430,457 2,394,491 2,343,446 2,303,707 58,974 77,512 District of Columbia. 44 44 160,946 169,805 61,274 61,307 222,220 231,112 215,100 227,586 4,965 6,515 Maryland _ 229 229 389,504 403, 650 176,837 180,636 566,341 584.286 519,229 551,303 14,600 16,193 Virginia 521 520 468,250 468,509 71,094 71,693 539,344 540,202 434,281 444, 771 35,108 30,921 West Virginia 345 301,329 309,216 59,406 59,787 360,735 369, 003 324,714 334,801 16,840 16,885 North Carolina 587 353,699 348,231 38,927 36,407 392,626 384,638 346,044 370,552 39,223 14,670 South Carolina 373 354 181,261 170,501 35,530 214,144 206,031 203,526 207,027 11,114 6,074 Georgia 325,914 369,862 17,457 Florida 322 432,764 509,799 127,806 143,466 560,570 653,265 682,391 788,825 1,003 1,241 Alabama.._ 354 356 214,690 213,373 46,116 48,550 260,806 261,923 267,039 283,599 9,581 2,730 Mississippi. 338 172,041 161,978 39,243 43,941 211,284 205,919 233,783 14,855 2,896 Indiana.... 1,091 622,272 189,040 811,312 772,201 36,397 Illinois.... 1,1"" 2,538,123 2,563,197 874,117 886,119 3,412,240 3,449,316 3,265,910 3,317,513 34,477 55,816 Michigan.. 710 715 710,441 738,314 918,367 922, 7981,628,:" 1,661,112 1,623,256 1,659,539 27,920 39,275 Wisconsin. 983 983 600,362 603,098 218,179 226,164 818,541 803,303 825,685 11,863 13,788- Iowa. „_„.,_ 1,548 1,518 776,496 761,791 102,048 95,431 878,544 857,222 874,520 870,567 20,539 21,335 Tennessee. 551 342,574..... 46,607 389,181 378,375 19,889 Arkansas._ 487 485 190,779 181,437 24,304 25,779 215,083 207,216 222,921 214,287 21,045 6,03? Missouri... 1,565 1,551 925,759 949,317 322,094 324,019 1,247,853 1,273,336 1,182,210 1,251,043 19,704 23,00a Kentucky. 610 361,429-- 89,759 451,188 390, 287 13,881 Minnesota 1,369 1,351 631, 766 616,365 257,721 264, 944 889,487 881, 309 871,012 874,929 6,738 North Dakota.. 653 642 120, 953 114,472 35,472 40,134 156,42f 154, 606 173,003 175,154 4,175 2,467 South Dakota- 526 495 134, 541 123,102 24,769 23,804 159, 310 146,906 183,717 169, 653 4,995 4,142 Montana 233 227 79,628 78, 294 40,078 44,106 119,706 122,400 133,783 141, 859 1,"" 542 Nebraska- 1,083 1,072 367, 609 371,738 58,168 59,234 425,777 430, 972 431,209 431,418 6,197 14, 592 Kansas 1,274 1,269 324,430 328,846 80,717 79, 534 405,147 443,363 431,450 3,632 6,064 Oklahoma.. 767 751 257,227 244, 979 92, 399 104,460 349,626 349,439 389,228 401,219 7,332 1,122 Colorado... 321 178,456 169,372 92,354 89,426 270,810 258,798 291,822 289,655 2,444 2, 826 Wyoming.. 95 38, 713 38,703 11, 637 12.731 50,350 51,434 56, 038 58,312 536 135 Louisiana 247 247 342, 941 363,427 55,898 61.732 425,159 377,783 421,027 20,216 19,423 Texas 1,491 740, 747 162, 032 902,779 883,202 18, 346 New Mexico- 63 "~65 19,467 6,020 7,350 26, 719 26,817 27,936 32, 645 795 194 Arizona- 57 45, 300 43,184 14,134 13,731 59,434 56, 915 67,571 69,158 3,017 1,061 Utah ._ 114 113 103,226 28,650 28, 597 131,876 137,541 117,087 125, 55f 2,494 1,627 Idaho 162 158 50,120 50,636 19, 376 22,923 69,496 73,559 77,894 85, 329 2.300 704 Nevada 34 34 25, 697 26,891 7,061 7,139 32,758 34,030 35,298 36,45f California.-. 653 637 2,116,062 2,189,533 763,439 769,305 2, 879, 501 2, 958,838 2,865,166 3, 030, 625 53, 332 30,04? Oregon 278 274 167,926 163, 991 82,424 85, 595 250,350 249,586 263,751 263, 542 5,237 4, 367 Washington. 361 233,024 231,460 115, 518 119,676 348, 542 351,136 360,841 369, 236 4,830 2, 665 Total.— 27,895 27,705 30,302,700 31,022,937 12,154,379 12,157,078 42,457,079 43,180,015 41,031,329 42,134, 591 1,071,873 1,102,524 1 Includes all banks in the United States except (1) a certain number of nonreporting private banks, not under State supervision, and (2) all mutual savings banks, figures for which are available only for June calls. Three mutual savings banks in Ohio, however, and one in California,, are included because the figures for these banks are included in the totals reported for all State banks by the State authorities and are not available separately except for June calls. 2 Figures include those of State banks and trust companies as given in the following table, which in some cases represent the condition of banks as of dates other than Sept. 28,1925, and Dec. 31,1925, respectively. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

, 1926 FEDERAL RESERVE BULLETIN 291 STATE BANKS AND TRUST COMPANIES i—PRINCIPAL RESOURCES AND LIABILITIES ON SEPTEMBER 28 AND DECEMBER 31, 1925 2 [Amounts in thousands of dollars] N po u r m tin b g e r b o an f k re s - c L o o u a n o n t v s s e , r i d a n n r c a d l f u t s d d i i n s- g Investments To i t n a v l e l s o tm an e s n t a s nd To c t lu a s l d iv d e e e p p o o o s f i s t i b s ts a , n e k x- Re b d il i l s s c o p u a n y t a s b l a e nd State Sep- Decem- Septem- Decem- Septem- Decem- Septem- Decem- Septem- Decem- Septem- Decemtember ber ber ber ber ber ber ber ber ber ber ber Maine 86,974 82,475 51,919 51,942 138,893 134,417 128,174 127,472 6,377 3,058 New Hampshire.. 24, 265 18,066 42,331 38,360 Vermont 56, 575 56,532 17, T 17,831 74,209 74,363 70,931 71,803 1,207 1,522 Massachusetts 596,!""" 583,340 141,309 143,426 738,296 726,766 714,318 716,321 16,915 16,020 Rhode Island 110,913 136,942 130, 203 114,936 241,116 251,878 240,695 250,812 100 Connecticut 131,296 133,656 134,595 137,102 265,891 270,758 253,020 268,312 3,170 2,707 New York 447 3, 505,2073, 631, 1, 330, 3511,314,232 4,835,558 4,945,930 5,226,373 4,875,026 79,284 75,379 New Jersey 218 221 626,131 655,252 328,728 320,758 954,859 976, 010 914,153 959,909 21,951 Delaware 27 27 44,896 46,570 23,700 23,647 70, 217 61,064 67,180 385 335 Pennsylvania.. 775 777 1,402,561 1,440,465 783,627 774,009 2,186,188 2,214,474 1,957,063 1,998, 597 41,117 46,843 Ohio- .._-. 745 742 1,305,924 1,295,474 365,891 343, 766 1,671,815 1,639,240 1,675,206 1,637,229 35,215 49,173 District of Columbia 31 31 81,703 86,395 28, 534 28,611 110,237 115,006 106,442 114,043 1,180 983 Maryland 145 145 231,082 243,633 100,016 101,585 331,i 345,218 316,904 340,626 6,496 6,731 Virginia.—.-- 340 339 183,044 182,478 17,151 17,470 200,195 161,050 164,159 13,430 11,948 West Virginia _.. _. 221 222 172,586 176,528 23,983 23,496 196, 549 200,024 181,931 188,442 9,426 8,552 North Carolina 505 501 221,411 216,635 19,289 16,321 240,700 232,956 221,924 23,432 7,163 South Carolina 297 279 100,216 88,35r 13,040 15,018 113,256 103,370 110,090 107,941 7,135 3,492 Georgia 484 198,803 17,313 216,116 198, 530 11,565 Florida 265 271 257,746 309,492 50,579 59,664 308,325 369,156 3 423,244 481,707 813 1176 Alabama.-_ 251 253 109,360 107,709 11,785 12,192 121,145 119,901 135,458 »142,660 5,035 1,181 Mississippi. 301 301 120,089 111, 907 20,792 23,664 140,881 135,571 152,164 160,490 10,156 2,130 Indiana, __ 846 392,785 87,021 479,806 466,478 31,562 Illinois 1,394 1,395 1,558,157 1, 560,003 563,014 569, 723 2,121,171 2,129, 7262,135,390 2,161,769 16,306 20, BIS Michigan.. 584 587 425,207 447,913 780,998 787,775 1,206, 2051,235, 6881, 206,9871,228,940 18,774 23,713 Wisconsin. 826 824 351,104 354, 632 120,676 123,050 471, 780 477,682 483,664 7,451 615B Iowa ls209 1,189 541,689 534,877 25,507 24,217 567,196 559,094 3 598? 758 595,883 12,673 13,099 Tennessee _ 445 184,382 17,309 201,691 220,402 10,564 Arkansas-_ 400 127,551 118,138 9,225 10,029 136,776 128,167 148,464 136,215 16,460 4,232 Missouri.. 1,430 1,416 577,416 579,371 216,180 213,403 793,596 792,774 823, 705 845,694 16,153 19,117 Kentucky _ 471 186,365 36, 522 222,887 204,311 Minnesota 1,051 1,043 282,117 275,313 93,173 95,224 375,290 370,537 399,766 401,413 9,064 4,710 North Dakota.. 495 482 67,241 61,563 9,732 11,161 76,973 72, 724 87, 795 86,071 3,350 2,054 South Dakota. 414 385 88,443 79,270 5,147 3,851 93,590 83,121 116, 525 103,640 3,616 2,950 Montana 149 147 38,168 36,919 19,526 22,380 57,694 59,299 64, 977 69,954 956 350 Nebraska.. 913 903 222, 718 227,135 21,498 244,216 247, 223 274,003 272,606 3,007 5,781 Kansas. __. 1,015 1,010 196,067 199,393 28,399 29,177 224,466 228,570 263,888 247,915 2,842 4,047 Oklahoma . 381 372 50,597 46,364 14,457 16,417 65, 054 62,781 78, 808 85,552 2,311 350 Colorado.. 194 190 45,620 42,822 16,327 15,840 61,947 58,662 73, 512 70,769 686 645 Wyoming.. 64 63 15, 563 15,708 2,492 2,848 18,055 18, 556 20, 605 21,875 420 135 Louisiana 214 214 260,829 271,645 42,207 46,9391 303,036 318, 584 294,628 327,588j 15,090 10,226 Texas 179,106 20,102 199,208 217,521 New Mexico.. ~~34 5,488 5,299 1,035 1,435 6,523 6,734 8,125 370 128 Arizona _ 39 36 30,424 29,2! 9,465 8,406 37,623 3 45, 510 8 45,429 * 1,654 Utah 94 93 74,486 76,658 17,681 17,601 92,167 94,259 81, 324 85,801 2,237 1,325 Idaho _. 106 102 20,676 19,43" 8,689 29,365 29,405 34, 076 36,107 1,154 404 Nevada 24 24 16,157 16,805 2,449 2,547 18,608 19,352 21,191 22,614 Calif ornia... 382 370 1,537,080 554,638 559,236 2,091,718 2,157,662288 322,,134, 635 «35,224 « 6,266 Oregon 179 176 58,802 57, 67' 22,752 23,040! 81,554 80,717 87, 87,132 1,923 2,318 Washington. 248 248 76,480 75,344 34,152 36,542 110,632 111, 886 116, 678 118,649 1,776 . Total. - 19,816 19,65717,157,136 17,481,134 6,404,579 6,386,900 23,561,715.23,868,034|23,977,249 24,076,198 509,709 453,642 1 Includes all State banks in the United States except (1) a certain number of nonreporting private banks, not under State supervision and (2) all mutual savings banks, figures for which are available only for June calls. Three mutual savings banks in Ohio, however, and one in California, are included because the figures for these banks are included in the totals reported for all State banks by the State authorities and are not available separately except for June calls. 2 Or dates nearest thereto for which figures are available. 3 Includes amounts due to banks. 4 Includes other liabilities. NOTE.—-All figures used in the September column are for Sept. 28, except as follows: Maine, Sept. 26,1925; Rhode Island, Sept. 8,1925; New York, Sept. 30, 1925; Maryland, Sept. 2, 1925; Georgia, June 30, 1925; New Hampshire, June 30, 1925; Indiana, June 30, 1925; Iowa, Sept. 8,1925; Tennessee, Oct. 26,1925; Kentucky, June 30, 1925; Minnesota, Nov. 2, 1925; North Dakota, Oct. 15, 1925; Kansas, Aug. 20, 1925; and XJtah, Oct. 5,1925. All figures used in the December column are for Dec. 31, except as follows: New Hampshire, June 30,1925; New York, Nov. 14,1925; Tennessee, Oct. 26,1925; Kentucky, June 30,1925; Iowa, Dec. 30,1925; Kansas, Dec. 10,1925; Oklahoma, Dec. 26,1925; and Texas, Sept. 28,1925. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

292 FEDERAL RESERVE APBIL, 1926 CHANGES IN MEMBERSHIP IN' THE FEDERAL KESERVE SYSTEM DURING 1925 On December 31, 1925, 9,489 banks, with member banks. This decline is accounted for resources of $41,425,295,000, were members of largely by decreases incidental to mergers, susthe Federal reserve system. Of this number, pensions, and' voluntary liquidations which 8,048, with resources of $25,839,450,000, were terminated the existence of member banks,* as national banks and 1,441, with resources of is shown in the following table:! $15,585,845,000, were State banks and trust companies. There was a decline of 31 in the CHANGES IN MEMBEESHIP IN THE FEDERAL RESERVE number of national banks and a decline of 19 in SYSTEM:, DECEMBEB 31, 1924, TO DECEMBER 31, 1925 the number of member State banks during the last quarter of the year. Notwithstanding the decrease in the number of member banks, total Number of banks resources showed a growth of $2,371,941,000 for the period, owing to about equal increases Active member banks, Dec. 31.1924—.....—— — 8,587 for both National and State member banks. "lii Gains and losses in membership for the last Banks joining the system.——.—......———.. Banks withdrawing from the system i — — — — . .. quarter of 1925 are classified.in the following 101 Net increase from banks joining and withdrawing..... table: Banks lost to membership through mergers between member 135 banks, suspensions, etc.——.— ————— .. 233 CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE Net decrease for the y e a r . — — — — —. SYSTEM* BY CLASS OF BANK, SEPTEMBER 283 1925, Active member banks, Dec, 31,1925........... ... ... 98 TO DECEMBER 31, 1925 1 Includes 42 withdrawals which were incidental to the absorption of Member banks member banks by nonmember banks. In 1925,236 banks joined the Federal reserve Number Resources system and 101 banks withdrew from member- (in thousands of ship. Thus there was a net addition,of 135 to ti N on a- al State Total dollars) the membership of the system through the exercise of the banks* option with regard to the Active member banks, Sept. 28,1925. 8,079 1,460 9,539 39,053,354 assumption or relinquishment of membership. Additions to membership: Against this voluntary accession to member- Organization of national bank... 25 25 5,807 ship there was a decrease of 233 In membership Conversion of nonmember bank to national........ .. 9 9 1,337 resulting from mergers between member banks, A R d es m u i m ss p io ti n o n o f f S o t l a lo te w i b n a g n k suspen- 7 7 69,107 from bank suspensions, and from other causes sion _ 1 1 2 238 not related to the banks*, choice in the matter Conversion within the system- 11 2 (88,468) of membership. Of the 236 banks that joined Total additions _—„ 38 9 43 76,489 the system, 120 were newly organized national Losses to membership: banks, 69 were nonmember banks that con- Merger between member banks— Intraclass-.. 13 5 18 8 (144,764) verted into national banks, 40 were nonmem- Interclass __ 1 1 2 (2,869) Voluntary liquidation(terminal) 7 7 3,620 ber banks that were admitted to membership Suspension and insolvency. _____ 36 8 44 28,931 as State institutions, and 7 were banks pre- Absorption of member by nonmember bank 8 2 10 7,969 viously closed which resumed operations dur- Conversion of member to nonmember bank 3 4 2,186 ing the year. Of the banks that withdrew W Co i n th v d e r r a si w on al w o i f t h S i t n a t t e h b e a s n y k s , tem- 11 1 3 3 9 89 2 (88 8 ,4 ,9 6 8 8 6 ) from the system, 37 were member State banks that withdrew as such after advance notice to Total losses..... 69 28 93 51,692 the Federal Reserve Board and 64 were member Net change -31 -19 -50 ^+2,371,941 Active member banks, Dec. 31,1925. 8,048 1,441 9,489 41,425,295 banks that dropped out of the system because they were absorbed or succeeded by nonmemi'Change not affecting number of banks in the system. ber banks; the latter include 42 withdrawals s Change not affecting total resources of member banks. * Includes compulsory withdrawal of one bank with resources of $71,000. incidental to- the absorption of member by • Includes changes in resources due to reorganization, growth, contrac- nonmember banks, which in many instances tion, etc., in addition to changes enumerated. did not represent the exercise of the .bank's During the year 1925 the number of national option regarding membership in the system. banks increased by 5 and the number of State member banks declined by 103 ? with a conse- 1 All instances in which voluntary liquidation did not terminate the quent net reduction of 98 in the number1 of existence of the bank, but was a step toward change in status, were classified according to the ultimate status of the bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

294 FEDERAL RESERVE BULLETIN APRIL, 1926 CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM, BY DISTRICTS AND BY CLASS OF BANKS, DURING 1925 Number Resources, all districts ( s i d n a o n l d l t a h s r o s o u ) f - tr d A i i c s l t l - s B to o n s- N Y e o w rk P p d h h e i i l l - a a- C la le n v d e- m R o ic n h d - la A n t t - a c C a h g i o - L S o t u . is M n o e l i a i n s p - - K C s a a it n s y - D la a s l- F c S i r s a a c n n o - Total member banks: Dec. 31, 1924 • . . 38,986, 867 9,587 419 855 738 871 617 510 1,408 624 885 1,066 828 766 Dec. 31, 1925-— 41,425, 295 9,489 420 880 753 863 604 495 1,398 628 829 1,027 852 740 Net increase (+) or decrease (—) 1+2,438,428 -98 +1 +25 -8 -13 -15 -10 +4 -56 -39 +24 -26 - • - • : National banks: Dec 31, 1924 24, 368,991 8,043 383 711 666 752 555 382 1,055 492 785 1,033 645 584 Dec. 31, 1925 25 839.450 8,048 382 734 671 747 548 379 1,051 498 744 994 725 575 Net increase (+) or decrease (—) |1+l,470,459 +5 i +23 +5 -5 -7 -3 -4 +6 -41 -39 +80 -9 State banks: Dec 31, 1924 14, 617,876 1,544 36 144 72 119 62 128 353 132 100 33 183 182 Dec. 31, 1925 15, 585, 845 1,441 38 146 82 116 56 116 347 130 85 33 127 165 Net increase (+) or decrease (—) 1+967,969 -103 +2 +2 +10 -3 -6 -12 -6 -2 -15 -56 -17 Changes in national bank membership: Total additions 239 3 34 11 4 11 9 15 9 17 8 93 25 Primary organization 17,844 120 2 31 10 1 6 6 12 5 14 5 12 16 Conversion of State member 45 1 2 2 38 2 Conversion of nonmember 36,029 69 1 1 2 4 3 4 1 3 43 7 Resumption after suspension 2,317 5 1 1 1 2 Total losses.; _-„ 234 4 11 6 9 18 12 19 3 58 47 13 34 Merger between national banks 2_._ 42 7 1 3 5 1 1 6 10 1 7 Absorption by State member..- 83,837 12 3 2 3 4 V Co o n lu v n e t r a si r o y n l i t q o u S id t a a t t i e o m n 3 ember 6 6 1 , , 6 9 5 3 1 5 1 1 2 1 1 1 1 5 1 3 Suspension and insolvency 85,054 118 3 10 10 16 ...... 44 16 10 | 9 Absorption by nonmember 23,872 28 3 3 1 4 7 1 7 Conversion to nonmember._ 12,079 21 1 1 1 1 1 3 9 4 Changes in State bank membership: Total additions 43 3 9 10 1 0 2 6 5 1 1 4 1 Admission of State bank 139,865 40 3 8 10 1 1 5 1 5 1 1 4 1 C on version of national bank ! 1 Absorption of nonmember 2,470 (1) (3) (2) (1) Resumption after suspension 468 1 Total losses - _ ~~146~ 1 7 4 6 14 12 7 16 1 60 18 Merger between State members 2 • 11 3 1 1 1 1 2 2 Absorption by national bank 31,418 6 1 1 ""I"::::::: 1 2 V Co o n lu v n e t r a s r io y n l i t q o u n id a a ti t o io n n a l 3 bank 17 1 3 , , 5 2 6 3 0 6 45 1 1 2 2 38 2 1 Suspension and insolvency 16,155 29 1 5 8 1 5 6 3 Absorption by nonmember 13, 768 14 2 1 1 1 7 2 Conversion to nonmember 332 1 1 Withdrawal..— 32,008 ^ 39 2 3 2 3 4 9 1 6 I 4 1 Includes changes in resources due to reorganization, growth or contraction, etc., in addition to changes enumerated. 2 Counted only among losses in number. 3 All instances in which voluntary liquidation did not terminate the. existence of the bank, but was a step toward change in status, were classified according to the ultimate status of the bank. * Includes compulsory withdrawal of two banks with resources of $318,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APBIL* 1926 FEDEBAL RESERVE BULLETIN 293 The other decreases In membership were the additions and 234 losses. There were 120 consequence of 71 mergers between member national banks which were newly organized banks, 13 voluntary liquidations terminating during the year, in addition to 114 which the banks' operations, 147 suspensions and In- represented the conversion of State banks into solvencies, and 2 compulsory withdrawals. national banks. Of the latter, which for the In the following table changes in member- most part were In the State of Texas, 69 were ship are shown in detail, by class of bank, for banks which had formerly been nonmember the year 1925: State banks and 45 had formerly been member State banks. Five national banks, previously CHANGES IN MEMBERSHIP IN THE FEDEEAL RESERVE suspended, resumed operations. Of the de- SYSTEM DURING 1925, BY CLASS OF BANK creases In the number of national banks, 54 resulted from mergers 12 from voluntary % Member banks liquidations terminating the banks* existence, and 118 from suspensions. There were sus- Number Resources pensions of national banks in all except the (in thou- Boston, New York, Philadelphia, and St. sands of Na- State Total dollars) Louis districts, the largest numbers being in tional the Chicago, Minneapolis, and Kansas City districts. In addition to these losses there Active member banks, Dec. 31,1924.. 8,043 1,544 9,587 38,986,867 Additions to membership: were 28 national banks that were absorbed by Organization of national bank 120 120 17, 844 Conversion of nonmember bank nonmember banks, 21 that were liquidated to national . 69 69 36,029 to be succeeded by banks organized as non- Admission of State bank 40 40 139,865 Resumption following suspen- member banks, and 1 that was succeeded by a sion 5 2 7 2,785 Conversion within the system.. 145 1 1 2 (235,171) member State bank. Total additions- 239 43 236 196, 523 State banks numbering 43 joined the system during the year, all but 3 of them being Losses to membership: Merger of member banks— former nonmember State banks that were Intra class.___ „ 42 11 53 2 (360,159) admitted as such. As against these additions Inter class 12 6 18 2 (115, 255) Voluntary liquidation (termi- there were 146 losses, of which 92 were incinal) 12 1 13 8,211 Suspension or insolvency 118 29 147 101,209 dental to mergers, suspensions, terminal vol- Absorption of member by non- untary liquidations, and conversions Into member bank 28 14 42 37, 640 Conversion of member to non- national banks, 14 were the result of mergers member bank 21 1 22 12,411 Withdrawal of State bank 3 39 3 39 3 32,008 with nonmember banks, and 40 represented Conversion within the system. _ U 145 2 (235,171) withdrawals. Of the banks that withdrew Total losses 234 146 334 191,479 from the system, 37 voluntarily relinquished Net change _ ----- +5 -103 —98 4+2,438,428 membership after advance notice to the Active member banks, Dec. 31,1925.. 8,048 1,441 9,489 41,425,295 Federal Reserve Board, 1 was succeeded by a nonmember bank, and 2 were deprived of i Changes not affecting total number of member banks. 2 Changes not affecting total resources of member banks. membership on account of the violation of 3 Includes compulsory withdrawal of two banks with resources of requirements of the Federal reserve act. $318,000. 4 Includes changes in resources due to reorganization, growth, con- In the following table are shown in detail traction, etc., in addition to changes enumerated. the changes in membership In the Federal The increase of 5 in the number of a3ational reserve system, by districts, between December banks during 1925 was the net result, of 239 31, 1924 and December 31, 1925. ? Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1926 FEDERAL RESERVE BULLETIN 295 DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES MONTHLY SUMMARY' FOE BANKS IN 141 CITIES [In thousands of dollars] 1925 1926 1924 1925 Numbe Federal reserve district of centers December January February December January February No. 1—Boston f\ 711,056 2,814,568 2,175,114 2,467,796 2,685,491 2,157,347 No. 2—New York 31,147, 498 31,406, 762 25, 533, 666 28,106,044 28, 500, 616 23, 574, 730 No. 3—Philadelphia 2,405,369 2,262,212 1,892,279 2,242,478 2,173,091 1,780,071 No. 4—Cleveland 2,652,829 2,708,317 2,157,107 2,466,903 2,511,678 2,048,430 No. 5—Richmond.-—__ 878,411 825, 996 723,140 795, 584 767, 253 675, 206 No. 6—Atlanta _____ 1,365,832 1,337,786 1,118,098 1,154,408 1,201,107 976,073 No. 7—Chicago.... 5,850,726 5,849,786 5,033,017 5,326,098 5,490,747 4,479,475 No. 8—St. Louis._.__.. 1,386,724 1,342,698 1,123,586 1,259,637 1,306, 725 1,074,542 No. 9—Minneapolis.._. 685,686 599,145 849,622 731,307 637,553 No. 10—Kansas City- 1,291,733 1,221,264 1,038,821 1,189,358 1,211,359 1,024, 111 No. 11—Dallas ___. 661,134 563,647 664,938 572,869 No. 12—San Francisco.. 3,150,544 3,002,325 2,934,783 2,634,300 2,720,698 2,495,365 Total . 141 54,371,372 54,118,534 44,892,403 49,157,166 49,959,035 41,495,772 New York City. 1 30,313,358 30,537, 751 24,812,705 27,327,223 27,681,894 22,924, 386 Other cities 140 24,058,014 23,580,783 20,079,698 21,829,943 22,277,141 18, 571,386 WEEKLY SUMMARY FOR BANKS IN 258 CENTERS [In thousands of dollars] 1926 1925 Number Federal reserve district ofcenters Feb. 24 Mar. 3 Mar. 10 Mar. 17 Feb. 25 Mar. 4 Mar. 11 Mar. 18 No. 1—Boston 527,861 674,055 584, 665 674,843 510,152 641,889 541, 773 587, 625 No. 2—New York 5,424,869 8,033,554 7,667,609 7, 783,150 5,518,672 6,621,710 6,059,127 6,848, 334 No. 3—Philadelphia... 457,171 572,184 550,245 592,863 458,345 599,451 485,843 571, 962 No. 4—Cleveland _ 594,254 718,868 623,346 684, 520 524,240 672,138 No. 5—Richmond. 264,895 359,835 313,231 326,418 259, 620 296,837 309,172 No. 6—Atlanta. 272,030 344,368 314,116 327, 714 233,203 296,200 265,212 297,492 No. 7—Chicago _______ 1,165, 733 1, 560,239 1,309,886 1, 442, 632 1,056, 748 1, 301,680 1,236,329 1,430,786 No. 8—St. Louis 271, 622 347, 386 284,087 327,049 250,048 316, 504 290, 935 319, 642 No. 9—Minneapolis _- 141, 524 205,382 162,129 185,921 139,826 214,947 184,064 220,010 No. 10—Kansas City.- 250, 782 338,497 304,743 307,372 252, 610 330, 910 303,306 315, 327 No. 11—Dallas 149,815 177,275 173,423 180,404 156, 558 182,471 176, 371 190, 389 No. 12—San Francisco 629, 396 999,221 721, 857 810,399 583, 606 863,215 650, 356 690,412 Total— 258 10,149,952 14, 330,864 13,009,337 13, 643, 285 9, 943, 628 12,366,50911,058, 646 12,453? 289 BANK DEBITS FOR FEDERAL RESERVE BANK AND BRANCH CITIES [In thousands of dollars] No. 1~-Boston__ — 365,455 468,183 402,993 474,663 359,354 436,996 369,163 393,120 No. 2™New York— 5,147,857 7,634,927 7.351,070 7,442,732 5,268,535 6,277,234 5,775,382 6,529,015 Buffalo..... 68,606 92,450 76,587 78,790 61,446 79,430 68,540 71,506 No. 3—Philadelphia 345,685 429,614 409,834 449,854 346,336 461,915 366,324 439,398 No. 4—-Cleveland _ _. 126,003 175,373 142,537 166,473 112,037 166,165 129,491 156,022 P C i i t n ts c b in u n rg a h ti. 21 7 8 0 ,f5 5 8 2 1 0 2 8 4 6 5, , 1 4 8 6 5 4 2 8 0 0 4 , , 8 67 1 3 8 22 8 0 8 , , 2 8 0 9 7 2 1 6 8 4 4 , ,9 1 7 1 7 8 2 8 2 1 5 , , 5 6 5 0 0 8 1 7 8 2 5 , , 8 86 1 9 0 2 9 2 0 7 , , 9 2 6 6 8 4 No. 5—Richmond. 28,078 41,335 32,672 33,448 28,868 34,569 31,803 32,697 Baltimore- __ 84,538 124,807 101,038 106,276 72,987 103,648 87,749 94,851 No. fl—Atlanta - 33,043 44,730 52,733 43,823 32,009 39,813 35,326 39,968 B J N N a i a e c r w s k m h s v i o O n i n l g r v le h l i e l a l a m e ns.-... 2 1 7 9 0 8 8 8 , , , 9 4 8 S 7 3 1 Q 6 8 Q 0 •Q 2 4 9 S1 17 1 I ,, , , Q 65 3 VK 74 3 OfL 38 0 3 2 2 7 1 1 8 9 , , , , 0 2 1 0 7 4 4 2 7 0 2 7 3 2 8 3 3 6 0 9 , , , , 6 7 2 2 5 9 8 3 9 3 7 0 2 1 6 1 6 8 3 6 , , , , 4 5 2 7 4 4 5 2 0 8 2 6 3 2 9 1 1 0 3 8 , 5 , , 4 8 0 3 5 0 9 3 4 7 1 4 7 2 1 1 7 7 8 7 , , , , 7 4 4 4 7 4 3 4 5 2 5 2 3 2 9 1 0 1 3 9 , , , , 4 3 4 1 9 9 3 3 3 7 4 4 No. 7—Chicago.—_—... 684,397 976,327 800,815 874,334 627,419 804,638 737,576 913,891 Detroit ._„.. 199,474 213,121 172,285 216,129 166,372 149,335 178,150 191,221 No. 8—St. Louis 146,500 190,200 149,800 184,200 137,600 181,500 155,900 183,700 Little Rock....... 17,209 19,695 18,516 19,553 14,086 15,383 15,453 15,689 Louisville.-. 42,820 60,987 44,980 47,618 37,678 47,087 48,911 48,510 Memphis.... 32,374 37,938 35,510 40,050 30,907 39,405 O0K0 , QpQoQo noeO , oon_*& No. 9—-Minneapolis 67,353 104,440 79,816 93,258 73,401 109,070 99,805 117,918 Helena ..... 1,524 2,102 1,751 2,983 1,652 2,346 1,769 1,546 No. 10—Kansas City 70,627 88,803 82,502 83,753 68,404 89,893 83,180 92,125 Denver.... 34,155 44,470 41,536 39,024 35,511 43>011 37,707 38,752 Oklahoma City.. 17,072 24,346 22,448 21,587 16,992 20,877 21,161 22,650 Omaha.......... 42,014 54,176 48,056 49,642 41,274 53,528 51,144 49,376 No. 11—Dallas........... 48,672 • 54,015 47,705 53,670 46,072 52,216 51,677 56,481 El Paso... 7,004 9,988 9,342 8,389 6,690 10,688 9,918 7,365 Houston . 26,510 36,475 33,124 35,493 34,407 39,275 33,690 42,722 No, 12—San Francisco- _. 217,725 408,004 239,652 271,296 220,417 332,310 209,639 224,780 Los Angeles..-.. 177,461 280,640 211,355 238,623 164,745 254,633 193,517 194,067 Portland. 35,570 45,154 37,424 46,177 29,829 40,834 34,037 40,025 Salt Lake City_. 13,771 18,405 15,243 18,414 12,105 17,095 14,996 16,868 Seattle 39,765 49,640 45,868 60,993 36,242 45,091 43,188 57,178 Spokane 10,810 12,514 11,465 13,725 9,221 10,948 11,368 14,654 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

296 FEDERAL RESERVE BULLETIN APRIL, 1926 M QNEY RATES PREVAILING IN FEDERAL RESERVE BANK AND BRANCH CITIES The following table shows the customary rates chargedjon loans and discounts in the various cities in which the Federal reserve banks and their branches are located, as reported by representative banks. These rates are not averages but are those rates at which the bulk of paper of each class is handled by reporting banks. Where it appears from the reports that no one rate clearly covers the bulk of the paper handled* a range of the rates most commonly charged is given. Rates prevailing during week ending with the 15th day of the month Customers' prime Loans Lo o a t n h s e r s s e t c o u c r k e s d a b n y d Loans District and city Year and month commercial paper secured bonds secured Cattle by by ware- loans Liberty house bonds Demand Time receipts Boston.. 1925—March ____ 4 -5 4 -5 434-5 1926—January... 5 February. 4M-5 March 4M-5 DISTRICT 2 New York 1925—March.... 4^5 1926—January... 5 -5M February... 5 March 5 -5H Buffalo. 1925—March 6 5 -6 6 1926—January... 6 5 -6 6 February. 5 -6 5 -6 6 March 5 -6 5 -6 DISTKICT 3 Philadelphia 1925—March.... 1926—January... 5 5 5 February. 5 5 5 March 5 5 5 Cleveland.. 1925—March.... 5 -6 5 -6 1926—January. __ 5 -6 5 -6 February. 5 -6 -6 5 -6 March 5 -6 Cincinnati „ 1925—March 534-6 1926—January... February. -7 March -7 Pittsburgh. 1925—March.... 5 -6 5 -6 5 -6 5 -6 1926—January... 6 February. March DISTRICT 5 Richmond,.— 1925—March 1926—January. __ February. March Baltimore 1925—March.... 1926—January.. _ /4T February- 5 -5 March DISTRICT 6 Atlanta.. - 1925—March.... 5 -6 1926—January... 5 ~6 I February . 5 ~6 March 6 -8 5 -8 Birmingham — 1925—March.... 6 1926—January.— 8 February _ 6 March -6 5 -6 6 Jacksonville...- 1925—March 1926—January __„ 5 -8 February . 5 -7 March 5 -8 Nasnville _.._.. 1925—March... _ 53^-6 1926—January..... 6 February . 534-6 March 534-6 5^6 New Orleans.—- 1925—March.... 5 -6 1926—January... 5 -6 February _ 5 -6 March 5 -6 Chicago., 1925—March -5 434-534. 1926—January „_- 5 -6 February. 5 -6 March _„__ 5 -6 Detroit - 1925—March 5 -6 1926—January „_„ 5 -6 February. March 5 -6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APKIL* 1926 FEDERAL BESEBVE BULLETIN" 297 Rates prevailing during week ending with the 15th day of the month District and city Year and month c C o u m st m om er e ci r a s l ' p p r a i p m e e r Inter- s L ec o u a r n e s d Lo b o a o th n n e s d r s s s e t c o u c r k e s d a b n y d s L ec o u a r n e s d Cattle bank by by ware- loans 30-90 mo 4 n -8 ths loans L b i o b n e d rt s y Demand Time re h c o e u i s p e ts St. Louis- 1925—March __„ 5 -6 4 -6 1926—January.. 5 -53/ 5 -5 5 -6 February. 5 -6 5 -6 March 4H-5 5 -6 5 -6 6- Little Rock. 1925—March. _„ 5 -6 5 -6. 5 -6 5 -7 6 1928—January.- 6 8 6 6 -8 February. 15 -6 5 -6 6 -7 6 -7 March— 6 6 -7 Louisville.. 1925—March... 8 1926—-January.. 6 February. 8 March... DISTRICT 9 Minneapolis— 1925—March... 345M 434-5 1926—January.. 4M-5M 5 4M5^ February. 4M5 4M-5' 5 -6)4 5 -6% March. __ Helena. 1925—March. „_ 7 1926—January.. 8 6 -8 February. 8 6 »7 March. __ 7 DISTRICT 10 1925—March. _. S -6 •6 -6. 5 -6 8 -7 1926T-January __ 4K-0 5 -6 6 5 ~6 5 -6 6 -7 Kansas City- .... February. 4>f6 •5 -6 5 »6 5 -6 5 -6 6 -7 March. __ 5 -6 5 -6 5 -6 1925—March... 5 -6 5 6 ~7 5 -6 5 -6 6 -8 6 -7 1926—January.. 6 6 6 5 -6 5 -6 6 -7 Denver February. 6 4M-6 6 ~6y- 6 -7 March-.. 6 4^6 6 -63/ 6 ~8 1925—March _.. 5 -7 5 -7 6 -7 5 -6 6 -8 1926—January.. 5 -7 5 -7 6 -7 6 -8 Oklahoma City February. .6 -7 6 -7 8 -7 6 -8 March 5 ~7 6 -7 6 -7 8 1925—March... 4 -6 1926—January.. 5- -6 5 -6 5 -5 February. 5 -6 March... 5 -6 .5 -6' . Dallas,. 1925—March— 4 -6 4 ~7 5 -6 53^-6 5 -7 7 -8 1926— M F . e J a a b r n r c u u h a a . r r . y . y . . . . . 4M-6 4 4 4 » - - 6 6 6 4 4 4 - - - 6 6 7 - 6 5 - - 6 7 6 5 6 6 - - - 7 7 6 6 6 6 -1 - - 8 8 0 El Paso. 1925—March. - 8 8 6 -7 8 8 8 1926™January.. 5 -8 5 -8 6 -8 6 -8 6 -8 -8 8-9 February. 5M-3 6 -8 6 -8 6 -8 8-9 March — 6 -8 6 -8 6 -7 6 -8 8 Houston. 1925—March.. _ 5 ~8 5 -6 5 -6 5 -6 5 -6 6 -8 1926—January.. 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 6-8 February. 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 March — 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 DISTRICT 12 1925—March—. 5 -53/ 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 1926—January ... 5 5 5 ~6 5 -6 534-6 6 San Francisco— February. 5 -6Y 5 -5^ 5 -6 5 ~6 534-6 6 March 5 =8 ' 5 -6 ' 5 -6 5 -6 5. -6 5 -6 1925—March.... 5 -7 6 -7 6 -7 6 -7 6 -7 6 -7 1926—January... 6 6 6 -7 6 6 -7 7 Los Angeles. „ - February. 6 -7' 6 -7 6 -7 6 6 -7 8 ~7 March.... 6 6 6 -7 6 -7 6 -7 6 -7 1925—March.-. 6 8 -7 6 -7 7 1926—January... 6 6 6 6 -7 6 -7 Portland.™ - February. 8 6 6 -7 6 ~7 March,,.. 6 6 -7 1925—March.... 8 -7 6 -7 6 -7 6 -7 7 - i 1926—January. _, 5 -8 6 6 -7 6 -8 7 7 7 - J Salt Lake City— February. 6 ~7 6 6 -7 7 7 - i March.... 6 ~7 6 -8 7- 7 6 -8 7 -* 1925—March.... 6 -7 6 -7 6 -7 1926—January.. 5 -7 6 7 Seattle.—— February. 6 5 -7 6 7 March-.... 6 5 -7 6 7 1925—March. - . 5 -7 4 -6 6 -7 6 -7 6 -8 6 -8 7 1926—January... 5 -6 4M-7 6 -7 6 -7 6 -7 7 6-7 Spokane...——- February. 5 -6 4^-6 6 -7 6 -7 6 -7 6 -7 6 - 7 March 5 -6 4M-6 6 6 -7 7 6 -7 6-7 88806—261—-6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

298 FEDERAL RESERVE BULLETIN APRIL, 1926 MEMBER BANKS AND NONMEMBER BANKS ON PAR LIST. AND NOT ON PAR LIST NUMBER AT END OF FEBRUARY, 1926 AND 1925 Nonmember banks Nonmember banks Member Member banks1 On par list Not l is o t n 2 par banksl On par list Not l i o st n 2 par 1926 1925 1926 1925 1926 1925 1926 1925 1926 1925 1926 1925 Federal reserve district: Southern States—Contd. Boston 418 422 245 237 Kentucky 146 146 430 441 21 17 New York 883 858 394 383 Tennessee 117 121 214 262 238 204 Philadelphia _____ 753 744 513 520 Alabama . 125 125 27 34 201 197 Cleveland €61 870 1,072 1,076 1G 9 Mississippi 43 44 23 25 276 271 Richmond-. _. _. 599 623 704 734 678 711 Arkansas . . . __ 117 123 245 273 121 84 Atlanta 492 516 362 386 1,107 1,099 Louisiana 45 47 32 43 173 168 S C t h . ic L a o g u o is 1S3 6 8 21 9 1,4 6 1 2 9 7 3 2 , ,0 7 7 9 6 0 3 2 , ,2 8 0 9 4 8 2 4 6 1 0 2 3 2 3 2 4 4 Mid T dl e e x a W s estern States: 775 751 710 791 96 72 Minneapolis 822 904 1,136 1,406 1,076 936 Ohio 439 447 658 661 Kansas City ._ _ _ _,„ 1,020 1,077 2,645 2,731 202 206 Indiana __ 263 268 822 831 10 8 Dallas 849 833 761 846 181 155 Illinois 586 583 1 287 1,302 20 19 San Francisco 730 769 792 847 64 59 Michigan 291 287 514 521 92 88 185 188 611 640 192 167 Total §5437 9,662 14,490 15,268 3,890 3,733 Minnesota 329 363 500 603 519 452 AAR 1 1Q7 1 OP&. A7 • 31 New England States: Missouri 198 193 1,298 1,354 35 32 Mainfi 62 62 49 49 Western States: New Hampshire 55 55 14 16 North Dakota 160 173 180 267 288 241 Vermont 46 46 39 35 South Dakota 123 133 205 263 167 157 Massachusetts 180 182 • 70 68 Nebraska. 179 188 739 766 175 172 Rhode Island 20 21 8 8 Kansas 265 264 998 1,026 3 4 Connecticut 66 84 79 Montana _. 109 129 102 106 13 10 Eastern States; Wyoming 34 37. 53 56 •9 13 New York 638 631 276 277 Colorado __ _ ; 134 143 176 189 6 7 New Jersev 334 316 155 142 New Mexico 34 36 26 33 3 3 Pennsylvania 958 950 657 660 Oklahoma- _ . 378 419 365 372 5 5 Delaware _ 22 22 32 B5 Pacifie States: Maryland 89 90 166 169 Washington _ 154 157 171 174 33 31 District of Columbia.., 13 14 32 33 Oregon ;.. „ 133 .138 107 113 31 27 Southern States: California 295 303 323 372 1 Virginia 191 196 225 237 304 90 Idaho 78 96 78 76 West Virginia 141 142 396 198 9 11 Utah 46 49 68 65 North Carolina 90 96 88 98 332 346 Arizona ,___„__„„ 20 23 30 33 4 3 South Carolina 90 100 22 26 233 264 Nevada 10 11 24 23 148 171 76 75 374 37° Florida 74 70 88 80 160 159 Total 9,437 9,662 14,49015,268 3,990 3,733 1 Figures for 1926 represent the number of member banks in actual operation; those for 1925 represent the number shown by the capital stock records of the Federal reserve banks. The number shown by the capital stock records on February 28,1926, was 9,539. 2 Incorporated banks other than mutual savings banks. MONEY IN OSCULATION [Source: United States Treasury Department circulation statements] [In thousands of dollars] Total Federal Gold Standard Silver Treasury Subsidi- United Federal National circula- Date Total coin and Gold G&t- silver certifi- notes of ary States reserve reserve bank tion per bullion tincaies dollars cates 1890 silver notes notes notes notes capita (in dollars) 1Q14—Julv 1 3,402,015 611,545 1,026,149 70,300 478,602 2,428 159,960 337,845 715,180 34.35 1917—Apr. 1 » 4,100,591 641, 794 1,348,818 70,863 459,680 1,997 191,351 330,353 356,448 3,170 697,160 39.54 1920—Nov. 1__.__ *5,628,428 495,353 231,404 89, 725 60,385 1,628 261,556 277,736 3,310,225 209,877 715,023 52.36 1922—Aug. 1 4,337,418 416, 282 171,985 58,378 268, 802 1,508 229,956 284,343 2,115,350 65,032 725,782 39.47 1924—Dec. 1 4,993, 570 437,971 933,688 55,606 389,113 L, 407 263,102 304, 418 1,862,055 8,471 737,739 44.08 1925—Mar. 1 ._ 4,804, 209 462,925 913, 900 55,264 366,024 :L,39S 256,509 288,668 1,734,606 7,756 717,159 42.28 Apr. 1 4, 776,167 469, 448 914, 968 54, 666 371,229 1,396 257,559 285,780 1,702, 212 7,506 711,403 41.99 May 1 4, 725,191 453,211 918,862 54,398 •376,442 L, 392 258,446 281,043 1,676,078 7,299 698,020 41.50 June! 4, 774,313 437, 612 972, 438 53,908 380,681 •1,390 259,894 284,799 1,679,833 7,109 696,649 41.89 Julyl 4, 734, 236 428,102 1, 003, 285 54, 294 379, 796 1,387 262,607 279,943 1,636,192 6,921 681,709 41.49 Aug. 1 4,719,519 428. 248 1, 014,311 54,165 388, 016 1,384 261, 750 284,806 1,601,884 6,777 678,178 41.31 Sept. 1 4, 784,025 416,348 1,036, 243 54,173 396, 700 1,381 264,450 298,493 1,629,927 5,580 680,730 41. 84 Oct. 1_._._ 4, 827,005 413, 973 1, 050s 057 54,693 394,069 1,379 267,768 303,597 1,670,658 6,460 684,351 42.17 Nov. 1 4,900, 839 429,985 1,067,963 54, 769 390, 089 1,376 269,439 306,575 1, 706,622 6,314 667,707 42.77 Dec. 1 __•___ 4,-971, 765 425,853 1,108, 743 54, 685 388, 012 1,375 272,217 305,986 1,741,965 6,185 666,744 43.35 1926—Jan. 1. 5, 008,121 424,037 1,114,331 54,860 387,495 1,373 274,860 292,998 1,815,687 6,058 636,422 43.62 Feb. 1 .... 4, 739, 537 407,148 1, 035, 774 53,167 370, 852 1,371 266,155 288, 677 1,672,223 5,900 638, 270 41.24 Mar. !____ 4,814,217 422,079 1,076,070 52,637 371,149 1,369 265,853 293,622 1,672,027 5,808 653,603 41.84 i The figures for the several classes of money include mutilated currency forwarded to the Treasury for redemption and unassorted currency hel4 by the Federal reserve banks,, and consequently do not add to the total which is exclusive of such currency, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIK 299 GOLD AND SILVER: EXPORTS AND IMPORTS EXPORTS FROM AND IMPORTS INTO. THE UNITED STATES, DISTRIBUTED BY COUNTRIES February Two months ending February Country of origin or destination Exports Imports Exports Imports 1925 1926 1925 1926 1925 1926 1925' 1926 GOLD All countries - „$50, .599,708 $3,851,374 $3,602,527 $25,415,655 $124,125,651 $6,938,244 $8,640,327 $44,766,857 France - 30,008 18,952 1,339,208 18,488 -71,046 70,940 Germany __ . _ _ _ . 12,510,336 142,713 100 353 30,010,336 540,857 100 353 Netherlands _. ________ 1,034,600 4,318,343 Poland and Danzig 1,103,948 1,103,948 Spain . . _ _ 230,100 14,361 8,260 40,000 21,387 8,260 Sweden _ 1,232,728 337 England 1,031,574 1,685 5,054 6,109,602 129,321 7,572 Canada—. __ . _ 48,653 25,019 2, 412,365 9,825, 979 118, 651 93, 664 5, 532,691 27,665,038 Central America _ 1,014,491 107,099 209,478 1,014,491 223,726 '319,842 Mexico __ 397,519 44.8,225 394,064 285, 858 740,192 1,013, 215 911,720 824,598 West Indies 81,000 40,549 11,227 3,994 91,'000 54,049 60,209 30, 644 Argentina 110,000 210,000 51,000 Brazil ___ 20,000 25,666 90,000 Chile.—.— 30,604 9,753,058 38,581 9,789,949 Colombia 124,139 76,985 301,303 187,309 Ecuador... 75,087 99,771 15,000 5,983 75,087 193,499 Peru _ 235,851 667,538 389,693 789,997 Uruguay 52,290 802,290 Venezuela. - 800,000 8,427 1,300,000 29,770 55,728 British India.______ _. _ „ _ __ _ 16,228,118 311, 510 52,694,386 354,510 British—Malaya. _. : 100,500 326,250 1,317,749 China _ _ _ 20,055 Dutch East Indies...„__.,___ 35,000 150,200 42,795 267, 520 50, 000 290,220 283,334 323,634 Hong Kong 540,000 565,917 1,481,605 792,253 Japan 4,000,000 4,000,000 Philippine Islands 97,795 177,073 290,331 361,353 Australia.*. „_ 16,792,717 650 16,792,717 76,504 16,338 New Zealand 11,806 6,454, 905 19,207 Egypt _ 252,747 498,240 1,631 2,857 Portuguese Africa, ____„_ _ 37,466 2,020 165,137 91,147 All other 1,500 9,462 1, 305 22,500 1,765 18, 701 8,255 SILVER All countries 6,832,647 7,752,350 4,928,916 8,863,131 18,225,311 17, 515,319 12,267,475 14,625,891 France._ 3,137 3,946 4, 981 31,145 111, 221 Qermany__« . _ _ _ _ 180,523 350 3,352 17,995 301,097 974 4,137 Poland and Danzig.. „_„,____ ... Spain „ _ 29,025 14,723 44,461 14,723 England______ _ _ 591,028 33, 581 15,886 17,818 4,150,393 102,460 20,098 19,618 Canada 96,767 148,900 508,751 317,061 220,815 306,813 1,169,364 697, 786 Central America . 3,200 100 11,682 152,110 12,665 2,600 144S 735 337,477 Mexico 251,342 239,526 3,903,906 2,392,302 388,741 361, 276 8, 111, 265 6,751,101 West Indies 26,125 3,755 6,794 5,763 28,045 12,355 34,201 16,891 Bolivia... „___. 1,772 1,772 2,417 Chile 97,252 232,832 286,039 373,287 Colombia _ ~_ _ - 5,954 1,809 12,943 23,716 Peru. 139,105 288,878 5,582,500 435,610 2,-215,807 6,042,464 British India ._ 3,938,567 2,872,922 7,880,997 8,813,866 China.— 1,579,823 4,133,938 4,701,365 7,173,170 4,108 Dutch East Indies ___.. 22,752 123,922 99,867 190,397 Hongkong __ _ _ _ _ 345,435 823,935 Portuguese Africa 10,210 3,724 25,137 16,348 All other, _„__ _ _. 360 22,567 11,269 360 1,091 65, 559 24,508 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

800 FEDERAL RESERVE BTJX/LETIN APRIL, 1926 FOREIGN EXCHANGE RATES [Noon buying rates for cable transfers in New York, as published by Treasury. In cents per unit of foreign currency] Match, 1926 February, 1926 February, 1925 Par Average Average Countries Monetary unit of exchange Low High Low High Low High Per Per Rate cent of Rate cent of par par Austria _ . Schilling ____ 14.07 14.0510 14.0750 14.0430 14.0760 14.0556 99.90 Belgium.- Franc... 19.30 3.6900 4. 5400 4.5400 4.5500 4.5432 23.54 5.0000 5.1800 5.0750 26.30 Bulgaria Lev 19.30 .7156 .7259 .6725 .7231 .7046 3.65 .7279 .7344 .7319 3.79 Czechoslovakia Crown __- 2.9616 2.9621 2.9613 2.9626 2.9618 2.9518 2.9704 % 9600 Denmark. Krone. 28.80 25. 9000 26.2600 24. 6100 26. 0400 25.3786 94.70 17.7700 17.8700 17.8064 66.44 Finland Markka 2.52 2. 5211 2. 5223 2. 5198 2.5215 2. 5206 100.03 2. 5183 2.5220 2. 5203 13.06 France Franc . «. _ 19.30 3.4300 3.7300 3. 5500 3.7600 3. 6782 19.06 5.1300 5.4100 5. 2796 27.35 Germany Reichsmark 23.82 23. 8000 23.8100 23. 8000 23.8100 23.8068 99.94 23.8000 23.8000 23.8000 99.92 Great Britain.... Pound 486.65 485. 7300 486.2700 486.0400 486. 5100 486.3363 99.94 475.7800 479.3300 477.2418 98.07 Greece Drachma _» 19.30 1.3148 1. 4182 1.4098 1.497S 1.4349 7.43 1.5658 1. 6954 1.6134 8.36 Hungary Pengo 17.49 17.5300 17.5900 17.5400 17.5900 17. 5618 100.41 Italy Lira 19.30 4.0000 4.0200 4.0100 4.0400 4 0264 20.86 4.0300 4.1600 4.1082 21.29 Netherlands Florin 40.20 40.0200 40.1000 40.0400 40.1400 40.0795 99.70 40.0100 40.3100 40.1700 99.93 Norway™ Krone _.„ 26.80 21.1200 21. 8300 20.3100 21. 7300 20.8273 77.71 15.2100 15.3100 15.2541 56.92 Poland ,„ Zloty 19.30 12.4100 13.1600 12.1400 13.5300 13,1536 68.15 19.1700 19.2000 19.1800 99.38 Portugal Escudo 108. 05 5.1100 5.1600 5.0900 5.1400 5.1227 4.74 4. 8500 4.9600 4.9060 4.54 Rumania __ Leu 19.30 .4111 .4394 .4205 .4431 . 4321 2.24 .4870 .5180 .5073 2.63 Spain Peseta 19.30 14. 0800 14.1000 14.0700 14.1400 14.1014 73.06 14.1500 14.3100 14. 2245 73.70 Sweden Krona .__ 26.80 26. 8000 26.8200 26.7600 26.8300 26.7782 99.92 26.9300 26.9500 26.9441 100.54 Switzerland. Franc 19.30 19. 2400 19.2600 19.2400 19. 2900 19,2623 99.80 19.2100 19.3000 19.2550 99.77 Yugoslavia .. Dinar __ __ 19.30 1.-7603 1. 7628 1,7584 1.7648 1.7610 a 12 1.6017 1.6384 1.6216 8.40 Canada Dollar 100.00 99. 4111 99.8353 99.5664 99.7879 99.6539 99.65 99.7988 99.9189 99.8620 99.86 Cuba Peso 100.00 99. 8875 100.0188 99. 8906 100.0094 99.9612 99.96 99.9799 100.0281 100.0114 100.01 Mexico _ do „ 49.85 48.4833 48.6833 48.3667 48. 6333 48.4993 97.29 48.9750 49.4667 49. 2673 98.83 Argentina Peso (gold) _ __„„_ 96.48 88.0700 92. 5500 92.7100 94.1000 93.2718 96.67 89. 6300 91.3100 90.3314 93. 63 Brazil Milreis 32.44 14.0800 14. 7400 14.7000 14. 8900 14.7818 45.57 10.9900 11.6300 11.2673 34.73 Chile ... Peso _. _. „ 12.17 12.0300 12.1400 12.0700 12.1600 12.1214 99.60 10.6500 10.9500 10.8432 55.52 Uruguay do 103.42 101.5500 103. 0800 102. 6900 103.3700 103.1050 99.70 94. 2800 97.8200 95.4572 92.30 China Mexican dollar 1 48.11 52. 2300 53.9000 53.2900 53.9500 53.7464 111.72 54.4000 55.6700 55.0854 114.50 China _- _ Shanghai tael 1 66.85 72. 2900 73.0400 72.7700 74.3000 73.7351 110.30 74- 7300 75.7500 75.2614 112.58 Hongkong Dollar 1 47.77 55. 7300 57. 5700 57.4300 58.1300 57.8636 121.13 54. 9600 55.7900 55.3495 115.87 India Rupee 48.66 36.3000 36. 7300 36.7000 36.7900 36. 7600 75. 52 35. 5900 35.8600 35.7309 73.43 Japan Yen _ 49.85 44.8200 45. 9400 44.8500 46.3200 45. 4045 91.08 38. 5200 39.7300 39.0791 78.39 Straits Settlements„.. Singapore dollar 56. 78 56.. 4600 56. 7500 56. 5400 56.7100 56.6327 99.74 54.9600 55.5900 55.3423 97.47 11913 average. SILVER [Average price per fine ounce] March February London (converted at average rate of exchange). $0.66340 $0.67482 New York „__„ ____.. . 67108 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APEIL, 1926 PEDEBAL BESEE.VB BULLETIN 301 DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT APRIL 1, 1926 Paper maturing— After 90 days but Within 90 days within 9 months Federal reserve bank Commercial, Secured by Agricultural agricultural, United States Bankers' Trade and livestockl and livestock Government acceptances acceptances paper papers n. e. s. obligations Boston.. . New York.... Philadelphia.. Cleveland. ... Richmond---. Atlanta. ... Chicago ..... St. Louis..... Minneapolis- Kansas City-. Dallas San Francisco. 1 Including bankers' acceptances drawn for an agricultural purpose and secured by warehouse receipts, etc. GOLD SETTLEMENT FUND' INTERBANK TRANSACTIONS FROM 'FEBRUARY 18, 1926, TO MASCH 17, 1926 [In thousands of dollars] Changes in owner- Transfers Transit clearing F n e o d t e e r a c l l e r a e r s i e n r g ve t s h h ro ip u gh o f t ra g n o sf l e d rs Balance Federal reserve bank and settlements in fund at close of period Debits Credits Debits Credits Debits Credits Decrease Increase Boston..................... . „___— 15,500 734,771 770,336 4,792 2,347 17,620 48,265 New York 200 144,500 2, 733,354 •2,593,901 6,992 12,559 10,414 189,259 Philadelphia.... -__—.._._.—„.-__ 7,000 703,138 716,403 5,474 3,818 4,609 51,541 Cleveland—„„„„„„ „ 13,000 670,703 681,608 6,545 3,077 5,563 46,179 Kichmond- 13,000 603.855 601,406 2, 936 ' 2,970 15,415 30,280 Atlanta.... 30,000 358; 880 385,059 3,450 3,434 3,837 32,165 Chicago................ 5,000 1,224,283 1,254,307 3,257 5,838 27,605 153,209 St. Louis-..__.__. . . 9,000 200 542,413 552,667 1,003 2,160 2,611 16,067 Minneapolis 12,000 154,567 167,228 ' 1,774 869 244 19,946 Kansas City............. .... ... .... 1,000 388,327 391,290 1,993 1,529 1,499 41,450 Dallas 6,000 257,036 265,933 1,331 1,366 2,932 21,814 San-Francisco—...... •._ . ... .......... 33,000 348}123 339,312 2,611 2,191 42,231 37,927 Total, four weeks ending— Mar. 17,1926. ... 144,700 144,700 8,719,450 8,719,450 42,158 42,158 67,290 67,290 688,102 Feb. 17,1926. 6,500 6,500 8,274,910 8,274,910 45,510 45,510 688,124 Mar. 18,1925...... . . ...... 80,100 80,100 18,372,935 i 8,372,935 624,267 Feb. 18,1925......................... 8,500 8,500 17,826,262 17,826,262 §78,549 i Includes Federal reserve note clearing. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX Acceptances: Discount rates: Page Held and purchased by Federal reserve Central banks of issue 274 banks.... — — —-— ... 284,285 Federal reserve banks 301 Market for... _„___„______ 228 Prevailing in various centers__________ 296 Agricultural credit banks, loans of 229 Earning assets of Federal reserve banks. 284 Agricultural movements, index of 256 Employment, United States 243 Agriculture, monthly statistics . 230 Index of _• 255 Annual reports: Factory employment and pay rolls, index of 256 Bank of Belgium. 260 Failures: Federal Reserve Board.„_„_„ 224 Bank— Swiss National Bank...... 265 During February •_• . _ _ 245 Attorney General, opinion of, on eligibility of an During years 1924 and 1925 __ 247-250 officer or employee of a mutual savings bank Commercial 244 to serve as a class B or G director of a Federal Federal intermediate credit banks: reserve bank..... _ — ____ 253 Eligibility of notes for rediscount 252 Automobile industry._ . ... 239 Loans and discounts. _ 230 Bank debits.---.. - 295 Federal reserve banks: Bank of Belgium, annual report of 260 Condition of ___ 279-282 Bank suspensions: Discount and open-market operations, 285 During February.__ 245 Federal reserve note account 283 During years 1924 and 1925 247-250 Fiduciary powers granted to national banks. 254 Bankers' balances in Federal reserve bank Financial statistics for principal foreign councities.. — — — — - 287 tries 272-274 Banking situation, discussion of 221 Food manufacturing • 237 Brokers, loans to __ _-_. . 287 Food prices in foreign countries 278 Building statistics.. „ 240, 257 Foreign exchange 246, 300 Business and financial conditions: Foreign trade: Abroad . — 272-278 Principal foreign countries 275 United States. _„__„...___„___ 226-244, 255-259 United States-. 245,275 Business failures . 244 France: Business indexes.of the Federal Reserve Board, 227 Cost of living and retail food prices _ 278 Financial statistics...: 272 Canada: Foreign trade 275 Cost of living and retail food prices 278 "Wholesale prices 276,277 Financial statistics._—- _ 272 Fruits-and vegetables _ _ _. 233 Foreign trade_„_„_. - „ . 275 Germany: Wholesale prices......___..._______ — — 276 Cost of living and retail food prices 278 Capital issues .. 228 Financial statitistics . _ 272 Chain stores, retail trade of — _ _ _ _ 259 Foreign trade . 275 Changes in membership in Federal reserve Wholesale prices 276, 277 system during 1925 292-294 Gold imports and exports 246, 299 Charters issued to national banks 254 Gold reserves of principal countries, 1913-1925- 270 Coal and coke production 235 Gold settlement fund transactions 301 Commercial failures-_.__ . _ _ _ 244 Governors of Federal reserve banks, meeting of 224 Commodity movements 257 Grain and flour 231 237, 257 Condition statements: ? Great Britain: All stock banks in the United States on Financial statistics 272 December 31, 1925 __ 289-291 Foreign trade _ 275 Federal reserve banks 279-282 Gold imports and exports 246, 299 Member banks in leading cities _„ 286 Retail food prices and cost of living 278 Cost of living in principal countries. 278 Wholesale prices 276, 277 Cotton: Imports and exports: Raw.-.---,..,-. — — - ._.._-. 232 Gold and silver..._____________________ 246, 299 Manufacturing....... .._„„ 238 Merchandise. ____ !__ 245 Currency in circulation. __._„.__„. 298 Industrial activity, index of :_____ 256 Dairy products..... ... _._„-._ 235 Interest rates prevailing in various centers 228, 296 Debits to individual apcount. _-___„ 295 Iron and steel manufacturing.„_. 239 Department-store business . _. - 259 Italy: Deposits, time and demand, of member banks. _ 288 Financial statistics . 272 Deposits, note circulation, and reserves of Foreign trade ... 275 Federal reserve banks 279 Retail food prices and cost of living ... 278 Director of Federal reserve bank, eligibility of Wholesale prices . .. ..... 276 officer or employee of mutual savings bank to Japan: serve as_ . 253 Financial statistics.—_-«. .... 272 Discount and open-market operations of Federal Foreign trade 275 reserve banks„ . _„___.„ 285 Wholesale prices _: _„ 276 302 : Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 803 Law department: Prices—Continued. Page Opinion of Attorney General on eligibility, Security.- 229 of trustee, officer, or employee of mutual Wholesale.- 244,276 savings bank to serve as class B or G direc- Production in basic industries, index of. 226, 255 tor of a Federal reserve bank 253 Reserve ratio of Federal reserve banks __„_ 279 Leather industry 240 Reserves, gold, of principal countries, 1913-1925. 270 Livestock industry 234 Resources and liabilities: Loans to brokers and dealers in securities. 287 All stock banks in the United States 289-291 Lumber industry _ _ 240 Federal reserve banks.—__- 279-282 Mail-order houses, retail trade of 259 Member banks in leading cities. 286 Manufacturing: Rulings of the Federal Reserve Board: Condition, by industries. . 237 Eligibility for discount of factors' notes Index of production 256 covering advances to producers of eggs, Maturity distribution of bills and certificates of poultry, and butter 251 indebtedness 282 Eligibility for rediscount at a Federal re- Member banks: serve bank of notes made or indorsed by Condition of __-_ 286, 289 a Federal intermediate credit bank when Deposits, time and demand _ 288 offered by a member bank 252 Number discounting 285 Retail food prices.- 278 Number in each district 285 Retail trade -___ 243, 259 State banks admitted to system .__ 254 Security prices .___ 229 Membership in Federal reserve system, changes Shoe industry. ___„„___ - 240 in, during 1925___ _ _ _ _ _ _ _ _ 292-294Silver: Merchandise trade balance of the United States- 245 Imports and exports 299 Mineral production, index of _ _ 258 Price of., , - ___-_-_ 300 Metals _ 237 State banks: Mining_____ 235 Admitted to Federal reserve system 254 Money in circulation 298 Condition of, on December 31, 1925 291 Money rates, 228, 296 Stocks at department stores 259 Mutual savings bank, eligibility of officer or em- Swiss National Bank, annual report of 265 ployee of, to serve as a class B or C director of Textile industry ___ — ,_ . 238 a Federal reserve bank 253 Time deposits of member banks. __ 288 National banks: Tobacco industry „__ . 233,257 Charters issued to _ 254 Trade: Fiduciary powers granted to 254 Foreign 245, 275 Nonmember banks, condition of 289 Retail _• - 243,259 Par list, number of banks on_ 298 Wholesale________-____-_-~--_- 242, 258 Pay rolls in factories, index of_ 256 Transportation. 242, 257 Petroleum industry _: 236 Treasury finance 224 Prices: Wholesale prices -. 244, 276 Food, in principal countries 278 Wool and woolen industry 238 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MHEAP0L1S > DALLAS® TEXAS BOUNDARIES, OF FEDERAL RESERVE' DISTRICTS —-"•BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES • - ' FEDERAL RESERVE BRANCH CITIES © FEDERAL RESERVE BANK AGENCY O Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis